Petrol prices highest in 18 months
Will the hike in the price of petrol make you cut back on your fuel usage?
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Shell and Mobil have followed the lead of competitors BP and Caltex and hiked petrol prices this afternoon.
Both have increased prices by 3c a litre after BP and Caltex earlier announced hikes of 5 cents a litre.
Petrol prices are now at 18-month highs, with 91 unleaded costing between 180.9c and 182.9c a litre. Diesel is up 3c a litre, to 115.9c a litre.
Gull had not yet followed but told Radio New Zealand they were reviewing their prices.
All the major petrol companies raised their petrol prices by 5 cents a litre on March 5.
AA PetrolWatch spokesman Mark Stockdale said the weaker exchange rate was partly to blame for the price rise.
Petrol was "hitting an uncomfortable price point" and motorists would be feeling nervous after prices passed $1.80, he said.
AA PetrolWatch reported last week that retail fuel prices had remained unchanged since January 19, when they fell 3c a litre across the board.
Crude oil and refined petrol prices rose between 4 and 6 percent during February, with refined diesel up 10 percent - reducing oil company importers' margins.
In April 2008 petrol rose at a record rate from $1.80 to 217.8c in July of that year.
However, that was before the recession struck, and UBS Investment Bank senior economist Robin Clements doesn't think fuel prices will rise as high this time.
- NZPA
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I have fuel cards and pay the same rate wherever I fill up. About 10% less than the rest of you without them!
Still too much though!
*Yawn* Companies make profits, welcome to capitalism. There was a government enquiry two years ago to see if petrol companies were dropping their price slower than they hiked it in response to the markets. They werent.
Steve #79
Think it might also have something to do with company petrol cards, not just peoples intelligence or lack thereof.
@Craig # 74
Think you mean the 5th LOWEST, NZ is at the left side of the chart not the right side.
@ Girder #75 12:19pm "Seriously, who cares? Use public transport."
Why? public transport is more unreliable, costs more than the fuel/parking, and is less convient than private travel.
Matt @ post 64. I think your question has been well answered in posts before me. But here is a new observation by me from a couple of weeks ago. This is to demonstrate the average intelligence of Kiwis! In New Lynn, Auckland around 2 weeks ago, BP had shot their prices up to 1.77/lt while across the road at Gull they were still at 1.68/lt. Why then, did Gull have 2 vehicles on their forecourt while BP had 12 cars on theirs. The only reason I can think of is marketing. BP advertises heavily, Gull don't. Which demonstrates the ability for people to think for themselves re economic matters is extremely low. My suggestion is boycott BP entirely. They are the ones who always lead the price rises.
@Craig#74
My bad, 5th lowest in OECD
@Phil #76
Phil, you seem to misunderstand how economies work. Oil is sold to the highest bidder on the open market. The market (more or less) works on the basis of supply and demand.
No one is forcing you to buy petrol. If you don't like the price choose an alternative.
I'd like to see petrol at $5 a litre. This would effectively clear the road of the ridiculous number of SUVs thereby making it more enjoyable for me to ride my pushbike to work.
Petrol is cheap - enjoy it while it lasts.
I (and Im sure many more people) wouldn't mind biking, walking or running to work, if work had a shower. So this raises the question, should it be compulsory for work places to provide a place to shower? Or the council to have showers for use in town centers?
I think we all know the reason the price of petrol has gone up..greed. Plain and simple.
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Andrew #61 09:10 pm Mar 10 2010 - you start exporting that black gold over here and sell it for $1.00 per litre. You'll be a billionaire within 2 weeks...however, the big companies will probably have you assonated though.