The Automobile Association (AA) says fuel prices may be about as low as they will get for a while, with diesel at risk of rising because of a Russian export ban.<\/p>\n
Petrol prices have fallen steadily in recent weeks after a ceasefire was announced between the US and Iran last month.<\/p>\n
On Monday, Gaspy listed the average price of 91 petrol at $2.92 a litre, while diesel averaged $2.39.<\/p>\n
AA spokesperson Terry Collins said Russia’s decision to ban diesel exports last week was likely to put some upward pressure on local diesel prices, although he did not expect a big jump.<\/p>\n
Russia is the world’s second-largest exporter of diesel, but its production has been under pressure because of Ukrainian drone attacks on its refineries.<\/p>\n
“Although Russian oil or diesel does not go into European or US markets, it has already had an impact,” Collins said. “Mid-last week, we saw the price of a barrel of diesel – that’s the refined price – jump to about US$154. That’s about an 11 percent jump.”<\/p>\n
He said Russia’s supply crunch, peak summer demand in Europe and the risk of the US hurricane season were all likely to add upward pressure on prices.<\/p>\n
“I thought we were just going to enter a golden period a week or two ago, where the economy was picking up, prices were going down and it was looking good for spring. That’s come into a bit of uncertainty now because of the potential for these prices to go back up again and the inflationary pressure they have.”<\/p>\n
Oil prices opened 4 percent higher on Monday, with Brent crude trading at US$79 a barrel. West Texas Intermediate was trading at US$74 a barrel.<\/p>\n","protected":false},"excerpt":{"rendered":"The Automobile Association (AA) says fuel prices may be about as low as they will get for a…\n","protected":false},"author":2,"featured_media":523070,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-523069","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/523069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=523069"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/523069\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/523070"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=523069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=523069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=523069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}