jjs 64 Report post Posted October 10, 2008 Oil is now trading at US $86.50 a barrel. The lowest it has been in the last 12 months. Why are we not seeing any change at the pumps? I know the fall in the exchange rate plays a part, but I think the oil companies are holding on for as long as they can! Quote Share this post Link to post Share on other sites
bravo 35 Report post Posted October 10, 2008 (edited) Well a few weeks ago fuel was $2.08 in Paihia for 95, and now its $1.97. Thats an 11c drop. I still think its too high, but it has dropped. I suppose its not bad considering the NZ$ is at a 2 year low. Edited October 10, 2008 by bravo Quote Share this post Link to post Share on other sites
Grant 4 Report post Posted October 10, 2008 It has not come down for two simple reasons 1) petrol did not increase in price at the same rate as oil...I'm afraid we can't have it both ways 2) Oil is priced against the $US. A month ago the $NZ was worth $0.80 US, now it is worth $0.59. This largely counters the decrease in oil price. Cheers Grant Quote Share this post Link to post Share on other sites
elmarco 56 Report post Posted October 10, 2008 I think it also depends on the refiner margin as well (someone has to pay for the corporate learjets etc) - not just the price of oil. I believe there is a shortage of refiner capacity at the moment and this is why diesel has increased significantly more than petrol. Quote Share this post Link to post Share on other sites
Jeddy 0 Report post Posted October 10, 2008 Ok i just did some quick calculations about price and it appears it has come down but not hugely due in portion to the exchange rate. date-------------Oil price*---- X-Rate--------$NZ(per Barrel) May 2008-----------$120------0.778154---------$154 June 2008----------$128-------0.761572---------$168 July 2008-----------$132-------0.754644---------$175 August 2008--------$113-------0.709258---------$159 September 2008----$98---------0.675023---------$145 Today 10/10/08-----$87--------0.617101---------$141 The Oil Prices are $US per barrel and are the monthly average. The X-Rate numbers are also the monthly average Quote Share this post Link to post Share on other sites
3 SERIES 93 Report post Posted October 10, 2008 Well done Jeddy, that puts it into perspective. There's your answer Crockett Quote Share this post Link to post Share on other sites
Guest FrantiC Report post Posted October 10, 2008 (edited) Hastings was as high as 2.18/L for 91, but that was about July. It has slowly dropped though, last week it dropped from 1.95/L to now 1.89/L for 91. What are the prices elsewhere? Just out of curiosity. Edited October 10, 2008 by FrantiC Quote Share this post Link to post Share on other sites
pjay 8 Report post Posted October 10, 2008 $1.94 for 95 here at shell atm Quote Share this post Link to post Share on other sites
Creaver 55 Report post Posted October 11, 2008 $1.88 or 1.89 near where I live for 91. Quote Share this post Link to post Share on other sites
nz320i 0 Report post Posted October 11, 2008 (edited) Its really bothering me how the US economy is under so much fire, yet the dollar remains strong.. I was hoping for .70 NZD but not .599!! Going to Canada next month, our dollar is useless .. bugger. Edited October 11, 2008 by Chris C Quote Share this post Link to post Share on other sites
bravo 35 Report post Posted October 11, 2008 The cost between the far north and Auckland has narrowed - used to be 7c diff, now closer to 4c diff. Quote Share this post Link to post Share on other sites
