by US$ 4.71 a barrel (approximately 4%). Can't see the robber barons at BP etc dropping the price of 91 by 10 cents a litre though, can you!
les6,
May 6, 7:47pm
won`t be holding my breath while I wait!
esprit,
May 6, 10:02pm
Just BP! Or the rest of them as well!
boat3,
May 6, 10:03pm
yeah,just pigs.out for as much as they can screw out of the average guy,the govt wont help either,must be nearly 30 cents gst,and all the other tax on it.why is it last time petrol was $2.20,the dollar was at 45 uscents roughly,and oil was over $120 a barrel,how can it be nearly 80 cents us,under 100 A BARREL,all smoke and mirrors and bullshit! and the fact diesel hasnt gone up alot,.who knows
thejazzpianoma,
May 6, 10:05pm
Something like 68c from memory. someone else may know more accurately.
gregelz,
May 6, 10:26pm
I guess that the Govt has increased the tax on the fuel since the US dollar was 45c so that difference is wiped out by that increase,
59.129 c/litre, plus about 30 cents GST at present prices.
One of the reasons that prices don't drop here due to sharp drops in world crude markets, is that those sharp drops are usually driven by "bad economic news" affecting currency markets, equity markets, and other commodity markets.The NZ$ usually drops simultaneously.Of course volatility in markets creates huge opportunity for windfall profit - and I'd bet that the oil companies are creaming it, but we'll never know unless they were forced to open their books, as we don't know if and how they're hedging by trading oil futures, probably currency futures as well, nor how their terms of trade work if buying on spot markets when there's a delay between order and shipment delivery.As usual, despite them probably hedging (for falls or rises), they'll act quickly to pass on rises, and slowly to pass on falls.If it seems that way - then that's because it almost certainly is that way. There's probably a hint when the oil companies are creaming it - from discount vouchers from supermarkets, AA etc - 30 cents a litre available now is a hell of a discount, and only part of that will be coming at the expense of the supermarket chain or AA.
elect70,
May 7, 2:25am
The crude price only affectsrises in price,for decreases they come up with several arguments why it cant drop in price
bubbles244,
May 7, 4:54am
the only way you are going to get your money's worth is to get on the stock market and buy into a hedge fund.
moosie_21,
May 7, 9:00am
Agreed, the stock market reats you well, if you know how to play it!
thewomble1,
May 7, 9:04am
A $1.00 drop will only give a 1cent drop in petrol price so no way will anyoil company drop the price by 10cents
elect70,
May 8, 5:02am
With the NZ $ fallingexpect$2 50 for 91before end of year .
moosie_21,
May 8, 7:49am
NZ dollar ain't going anywhere, especially with further weakness in Europe! But yes, prices will be extremely slow to go down, as usual.
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