Petrolwatch – June 2005

5 July 2005

Petrolwatch – June 2005

Petrol prices at the pump increased steadily through June, leading to a growing impact on motorists’ pockets.

This follows a steady and marked rise in international oil prices to an all time high of more than $US60/barrel when combined with an increase in importer margins over those applying in May, the result is record high retail prices in New Zealand with the main centre pump price for 91 octane reaching 132.9 cents at 30 June.

The high value of the New Zealand dollar has to date shielded New Zealand motorists from the advancing world prices, but this cannot be guaranteed to continue. With international oil prices hovering around $US60/barrel, and the New Zealand exchange rate showing a downward shift in recent days, further increases in retail prices cannot be ruled out. Motorists should keep their tanks full.

Further, at some petrol stations, proprietary premium fuels are replacing 96 octane, with a consequent increase in price. Motorists using premium fuels are urged to be particularly vigilant in monitoring exactly what fuel they are purchasing, to ensure they are buying their preferred fuel. Motorists that fill up regularly from a particular garage may find their usual pump has been converted to a higher priced fuel without their being aware of this change.

A further minor increase in taxes on petrol occurred at 1 July with the ACC levy on petrol rising from 5.08c per litre to 5.78 cents per litre. For diesel owners the increase is reflected in the annual relicensing fee.

Taxes and Levies on Petrol (pump price of 132.9c litre)

Crown Account 18.71c

National Land Transport Fund 22.49c

ACC Levy 5.78c

Petroleum Fuels Monitoring Levy 0.025c

Local Authority Petroleum Tax 0.66c

Plus GST (based on 132.9c pump price 14.76c

62.42 cents

ends

For more information contact

George Fairbairn
Public Affairs Director
T. +64 4 931 9984
E. [email protected]

 

The New Zealand Automobile Association is an incorporated society with over one million members. It represents the interests of road users who collectively pay over $2 billion in taxes each year through fuels excise, road user charges and GST.

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