Motorists hit at the pump again
Tuesday, 08 July 2008
Petrol and diesel prices have jumped 6 cents a litre at outlets for the four major retailers.
Caltex resisted the jump on Monday morning but joined Shell, BP and Mobil at $2.19 for 91-octane and $1.92 for diesel by the end of the day.
AA spokesman Mark Stockdale said the increase was due to crude prices rocketing to more than $US140 ($NZ187) a barrel last week.
"While the crude price remained high rather than just being a spike it was inevitable that would eventually be reflected in the refined price."
Mr Stockdale said crude had risen by $US5 a week for the past two weeks.
"A $5 increase equates to about 6 cents at the pump."
Caltex spokeswoman Sharon Buckland said the refined price of 91 had gone up $NZ11 a barrel since mid-June while diesel rose $16.60. "We had a little bit of respite at the end up June, and we absorbed that price, but it's since gone back up and looks like it's stabilising."
"Diesel is rising on a dramatically higher tangent than 91. It will be (mostly) driven by demand out of India and China, because the construction machines are all diesel and there's a big diesel stockpile building in China. The demand is huge.
"In the last week diesel's gone up $11.68."
Gull general manager Dave Bodger said prices rose 2 cents a litre on Monday to match a similar rise introduced by the other companies last week.
"We haven't actually held our prices today but we haven't gone up by the 6 cents."
His company was selling 91-octane at $2.12 and diesel at $1.83.
"For this year we have almost always been under our opposition. It is extremely unlikely we will move tomorrow," Mr Bodger said.
Mr Stockdale said, as usual, motorists should keep an eye on prices and shop around for the best deal.
- NZPA
From
here.