Petrol and diesel prices as at 27 August 2018

Fuel prices rose 3 cents per litre on Monday, on the back of rising oil prices due to reduced exports from Iran, ahead of USA sanctions, and Venezuela because of its economic crisis. However, the increase in oil prices was largely offset by a reduction in the cost of refined fuel, and a small gain in the NZ dollar.  The upshot is that the landed cost of fuel has only risen about 1cpl since the last price rise on 11 August, so a 3cpl increase was unwarranted at this stage (although the outlook is not good).

The price of 91 octane has now exceeded $2.30 a litre, the highest price ever (in nominal terms) – although adjusted for inflation, the highest price recorded was the equivalent of $2.60/litre in July 1985 (calculated in 2017 dollars). Petrol prices are scheduled to rise further with petrol tax increasing 3.5cpl on 1 October.

Petrol and diesel prices as at 27 August 2018
  National fuel price
91 Octane 232.9
95 Octane 241.9
Diesel 171.9

 

Petrol and diesel prices as at 13 August 2018

Two price increases last week, first 3 cents per litre on Thursday and then another 2cpl, on all fuels. While the drop in the NZ dollar is being blamed (down over 2c in the past fortnight), commodity prices have also fallen slightly, helping offset some if the effect of the dollar. Overall, as of Monday, the landed cost of petrol and diesel has increased about 2cpl since the last price change on 27 July, so a 5cpl increase was optimistic and margins are now above average – the AA says fuel companies should reverse the last price rise.

The exchange rate is now at its lowest level in over 2 years, but the last time the NZ$ was this low, commodity prices were less than half what they are today, so pump prices were lower. 

Petrol and diesel prices as at 13 August
  National fuel price
91 Octane 229.9
95 Octane 238.9
Diesel 168.9
Previous prices as at 27 July
  National fuel price
91 Octane 224.9
95 Octane 233.9
Diesel 163.9
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