Source: Radio New Zealand
Marika Khabazi
Petrol stations across the country are seeing a surge of drivers filling up as tensions in the Middle East push the global oil prices higher.
Over the weekend, RNZ spoke to drivers queuing at a petrol station to get in before the price goes up.
“The later I leave it, the more the petrol prices are going up. This is more expensive than yesterday,” one woman said.
“Probably the price will go up again tomorrow, I think, so even I’m only half full, it’s good to get some petrol in there,” a man said.
Waitomo Group chief executive Simon Parham told Morning Report the demand at the company’s petrol stations went up 15 to 20 percent over the past week as people tried to get in before prices increased.
“Over the last week, we’ve seen the Singapore Platts price go up by about $60 a barrel.
“I’ve been doing this for 25 years and that’s probably one of the biggest spikes I’ve seen.”
Parham said prices will move more in the next week.
On supply, there was 20 days stock in the country and cargo was arriving by ship every other day, he said.
“I think we’re in a reasonably good place. It’s a good reminder that over 80 percent of the supply doesn’t go through the Strait of Hormuz.”
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
