Oil demand, weak NZ dollar could mean more pain at the pump

(Image: Getty)

Thu, 05 Oct 2023

Very high demand combined with OPEC supply cuts is fuelling oil prices that could soon breach the US$100 (NZ$169.12) a barrel mark. That would fuel more price pain at New Zealand’s petrol pumps, particularly if the NZ dollar continues to weaken.But geopolitics also plays a part against a backdrop of war in Ukraine and sanctions against oil producer Russia. Last month, the benchmark Brent Crude peaked at US$94.43 a barrel but was down to US$86.27 on Oct 5.In NZ, policies around the emissions trading scheme (ETS) could also play their...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

NZ sharemarket starts week down 0.5%

The S&P/NZX 50 Index closed at 12,827.33, down 68.65 points or 0.53%.

Graham Skellern 13 Jan 2025

Retail

Hospitality spending hit hardest in 2024

Core retail spending grew at the slowest rate in five years.

Gregor Thompson 13 Jan 2025

Hospitality spending hit hardest in 2024

Markets

Weak dollar may impact February OCR cut

RBNZ expected to cut by another 50 basis points to 3.75% in Feb.

Rebecca Howard 13 Jan 2025

Sponsored

Why Kiwis are embracing Bitcoin ETFs

The once hard-to-access investment option is becoming mainstream.

Smart

Sponsored

Boost worker health, boost results

Research shows flexible workspaces improve health and productivity

Regus

More Economy

Retail

Hospitality spending hit hardest in 2024

Core retail spending grew at the slowest rate in five years.

Gregor Thompson 13 Jan 2025

Economy

Nearly 6,000 new roles filled in November, Stats NZ says

The country added almost 6,000 jobs in November, and service industries fueled the increase.Stats New Zealand said on Monday that filled job numbers rose 0.3% compared to October.Primary industries provided 436 fewer jobs.Goods-producing industries, the biggest of which are manuf...

Staff reporters 13 Jan 2025