Petrol and diesel price review: 27 March 2014
It’s time for fuel companies to cut retail prices again, on the back of a consistently high Kiwi dollar (over US 85 cents), and falling commodity prices since the last cut a fortnight ago. The last time petrol margins (retail prices less costs) were this high, pump prices fell. AA Petrolwatch estimates there is room to cut prices by 2-3 cents. Diesel prices could also fall by a similar amount, although they tend to hold at current margins.
Petrol and diesel price review: 14 March
Z dropped the price of all fuels by 2 cents per litre on 14 March, although not all competitors had matched this over the weekend. At $2.16/litre, petrol prices are back where they were in early January, while diesel prices are the lowest since May 2013. Although commodity prices have fallen slightly (more so for diesel), most of the drop is due to the exchange rate rising 2 cents against the US$, the highest it’s been since May 2013 (albeit it came close in October). Even so, there is room to cut diesel prices further, while petrol margins (retail price less costs) are at the upper end of the normal range.
Petrol and diesel prices as at 14 March
Petrol and diesel price review: 10 March
Z reduced the price of diesel 2 cents per litre on 10 March, but no change for petrol. The imported price of diesel has fallen 2c since the price increase a fortnight ago, in part because the exchange rate has risen over a cent. But in contrast, the imported cost of petrol remains unchanged because refined prices for petrol have risen slightly, albeit more than offset by the higher Kiwi$. So no change to petrol pump prices is expected even though fuel company margins are up.
Petrol and diesel prices as at 10 March
Previous prices as at 27 February