Petrol prices close to record prices in New Zealand

I have received information that gas prices in Japan have risen by the equivalent of $0.45 in the last month.

In the US average national prices are up 3.6 c compared to 1 week ago, and 37.7c compared to a week ago. In California prices have increased from $4.124 a gallon at the end of February to $ 4.218 on 12 March. 

In the United States this has become such an issue that Obama's approval rating has declined thanks to higher prices at the pump.

Obama’s approval rating sinks with rising gas prices

the Hindu,

13 March, 2012

"The approval rating of U.S. President Barack Obama has dropped significantly with the increase in gasoline prices, according to two separate opinion polls.

“In the new poll, 46 per cent approve of the way Mr. Obama is handling his job, while 50 per cent disapprove. That’s a mirror image of his 50 to 46 positive split in early February,” said the latest opinion poll released by The Washington Post-ABC News."

For article GO HERE

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NEW ZEALAND

In New Zealand normally any petrol price rises would make national news, but although prices have  increased and New Zealand is not living in a vacuum untouched by world events it seems that  it has been deemed unnecessary for New Zealanders to be aware of the rising prices of petrol and the geopolitical events that lie behind this - let alone the deeper issues of Peak Oil.

I had to search long and hard on Google for any mention of  price increases - there was nothing in NZ's no.1 newspaper, the New Zealand Herald.

In the end I did find this article from Stuff, which allowed me to  find out that since the beginning of January prices of 91 octane petrol has increased from $2.06.9 to $2.18.9 as of today (an increase of 12c over the period) - diesel seems relatively unaffected.

Here is the article - 

Fuel firms accused of chasing greater profits

Stuff,

13 March, 2012

Fuel companies are seeking greater profits by raising petrol prices sooner, the Automobile Association claims, with petrol now just 2 cents from an all-time high.

The major fuel retailers increased the pump price by 3c a litre on Tuesday night and yesterday morning, bringing the retail price at petrol stations in most major centres to $2.199.

The price of diesel was lifted by 2c a litre to $1.569.

Petrol prices in New Zealand hit an all-time high of $2.219 last May amid supply concerns during the Libyan revolution, although that level was sustained for less than a week.

Oil prices have been rising in recent months on fears that Iran will disrupt supplies through a key export route, with petrol prices up 13c a litre since the start of the year.

AA fuel spokesman Mark Stockdale said the latest retail increase was premature. Though the New Zealand dollar had weakened in recent days, making imports more expensive, it still remained "high" at US82c.

Meanwhile, Mr Stockdale said the margins on fuel just before the increase were comfortable enough to give the fuel companies time to wait before increasing.

"The margins [before the increase] were at a level where, a year ago, they would have been acceptable to the fuel industry.

"Now the industry is saying that these margins are not acceptable, and the public don't understand the reasons why."

Since the start of the year New Zealand owned Z Energy has been increasingly vocal in its claims that the margin on fuel was not sufficient to warrant investment.

A spokesman for Z, which is rebranding the Shell petrol stations, said the price of refined petrol had increased by US$6 a barrel since the last pump price increase, and its margins had been under pressure for several days.

BP blamed the latest increase on sustained increases in the price of the international product and a weaker dollar.