Petrol and diesel prices as at 30 November 2018

Fuel prices have continued to fall, now 15 price cuts in a row with the price of petrol down 42 cents per litre (cpl) and diesel down 31cpl in total in the past 7 weeks. The diesel commodity price remains higher than petrol, but so too do diesel margins remain higher so there is room for a further cut in diesel pump prices. Whereas petrol margins are lower than we are used to seeing, although this could be attributed to a reduction in regional price discounting which explains why some parts of NZ have not seen pump prices fall as much, but their prices are now in line with the national price. Since peak prices in early October, the landed cost of petrol has fallen 33cpl (allowing for the gain in the NZ$), whilst the landed cost of petrol is down 28cpl. Petrol prices are now the lowest they have been all year – and the lowest since October 2017.

Petrol and diesel prices as at 30 November 2018
  National fuel price
91 Octane 206.9
95 Octane 215.9
Diesel 153.9

 

Petrol and diesel prices as at 15 November

Another price cut, the 12th in a straight row in the past month, with fuel prices down 4 cents per litre (cpl). Unsurprisingly, the reduction reflects continual drops in commodity prices, plus the strengthening NZ$, which is now at the highest level since August. This brings petrol prices to the lowest level seen since April, and diesel the lowest since June.

In fact, petrol commodity prices are at their lowest since February 2018 while diesel commodity prices remain stubbornly higher due to stronger global demand for diesel, albeit still falling due to lower oil prices, just not as much as petrol. Even so, the last time petrol commodity prices were this low, pump prices were lower too, partly because of a 4c higher exchange rate then, but also because petrol excise has since risen 3.5cpl. But fuel company margins have also risen since the middle of the year, notably since the introduction of the Auckland Regional Fuel Tax in July – so at current margins, pump prices could fall further.

Petrol and diesel prices as at 15 November 2018
  National fuel price
91 Octane 214.9
95 Octane 223.9
Diesel 161.9

 

Petrol and diesel prices as at 12 November

A spate of four price cuts last week, totalling 12 cents per litre (cpl) each on petrol and diesel. Overall, petrol prices have fallen 28cpl in the past 3 weeks, with diesel down 19cpl. The price cuts reflect continuing drops in global commodity prices, plus the NZ$ gaining 2c in the past fortnight. Interestingly, the landed cost of petrol fell nearly 8cpl last week (and diesel nearly 7cpl), meaning the larger drops at the pump have resulted in margins on both fuels falling. Since prices peaked in early October, the landed cost of petrol has fallen 20cpl and diesel just over 13cpl (which explains why diesel pump prices have not fallen as much). Nevertheless, it also explains why prices in some regions (where the price is lower than the national price) have not fallen as much as recorded above – which is to the say the price gap has narrowed.

Petrol and diesel prices as at 12 November 2018
  National fuel price
91 Octane 220.9
95 Octane 229.9
Diesel 165.9

 

Petrol and diesel prices as at 2 November

Petrol prices fell 6 cents per litre (cpl) last week, 3cpl on Tuesday and another 3cpl on Friday. No change in diesel prices though, which is partly because currently, petrol and commodity prices are moving independently of each other. The commodity price for petrol continues to fall, down below US$85/barrel compared to a high of US$98/barrel in early October, with pump prices down 16cpl in that time. Whereas the diesel commodity price has fallen to US$94/barrel compared to a high of US$105/barrel in early October. Nevertheless, the landed cost of diesel did fall nearly 3cpl last week and so the pump price should have fallen by a similar amount.

Petrol and diesel prices as at 2 November 2018
  National fuel price
91 Octane 232.9
95 Octane 241.9
Diesel 177.9

 

Previous prices as at 25 October
  National fuel price
91 Octane 238.9
95 Octane 247.9
Diesel 177.9

 

 

 

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