Yesterday the price of petrol rose - yet today the price of US crude oil has actually fallen.
The Automobile Association called the price rise too much, too soon, but petrol companies aren't about to reverse.
Within hours of the increase at the New Zealand pumps there was a dip in the price of West Texas crude oil.
Local petrol companies say a bigger influence on the local price is refined fuel, imported from Asia.
North Island-based Gull says it will wait until Monday before deciding whether to join the latest increase.
"The key number for New Zealanders is the refined price in Singapore, which has gone up," says Gull's Dave Bodger.
It'll be no consolation to New Zealand drivers, but from India to South Africa they're also facing rising prices.
Petrol rose by 10 cents per litre in Canberra and gasoline by four cents per gallon in Texas.
But comparing fuel prices in different countries can be a bit like comparing apples with oranges. It's complicated by factors like currency movements, government taxes and local refining and transport costs. The AA calculates that in New Zealand, the cost of the fuel itself is just 43 percent of the pump price. Another 42 percent goes to the Government, via excise tax and the Emissions Trading Scheme levy and GST, and add a 2 percent shipping cost.
The remaining 13 percent is what goes to the petrol companies.
But Z Energy told 3 News that once it pays its staff and other operating costs, its pure profit is less than three cents per litre.
3 News
source: newshub archive
