Petrol and diesel prices as at 22 May 2020

There were some small movements in fuel prices during May, with the ‘national’ price of petrol and diesel rising 2 cents per litre on 12 May, before dropping back 2cpl just over a week later for no obvious reason. Overall, commodity prices have been gradually rising throughout May, with the price of oil almost doubling (up from US$18/barrel at the start of May to US$34/barrel by months end).

Despite that, retail prices have barely moved, although prices in some regions like Canterbury – which were the lowest in NZ – have risen more, albeit are still amongst the cheapest in the country. Some of the increase in commodity prices has been offset by the strengthening NZ dollar, and especially a large drop in the shipping cost, which has more than halved (down from a high of 11.5cpl to  4.2cpl). In spite of those offsets, overall the landed cost of petrol rose over 8cpl during May, and diesel 5cpl, whilst the national price of fuel ended the month at the same price as at the start, and consequently, fuel company margins have fallen significantly.

Petrol and diesel prices as at 22 May 2020
  National fuel price
91 Octane 196.9
Diesel 130.9

 

Previous prices as at 12 May 2020
  National fuel price
91 Octane 198.9
Diesel 132.9

 

 

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