A fuel boss says he expects prices to climb 15 – 20 cents per litre in coming weeks, after new developments in the US – Iran conflict.<\/p>\n
Waitomo Group chief executive Simon Parham told Checkpoint he expected those developments, as well as Ukranian drone strikes on Russian refineries, would push prices up.<\/p>\n
“I’d forecast that we’d be going close to $3, just a little bit under. But on diesel, about $2.50. So that’s where I’d sort of see it pan out in the next one to two weeks.”<\/p>\n
But Parnham did not expect prices to get as high as previous peaks in March and April.<\/p>\n
“The reason for that is that there has been a rebalancing in the system, with crude coming from countries such as the United States, Brazil, and Guyana across to refineries.”<\/p>\n
China had also relaxed its restrictions on petrol and diesel exports and were selling more to international markets, Parham said.<\/p>\n
He said oil markets no longer seemed to be reacting to every word that President Trump said.<\/p>\n
“I think the market… started to shrug their shoulders and say this is the new normal… the days of him talking the market up or down seem to have gone.”<\/p>\n
People in New Zealand had started to buy more petrol after demand plummeted in April and May, Parnham said.<\/p>\n
“As we’ve come back into June, people started to purchase a little bit more but… when I look at our numbers people are topping up, they’re not filling up.”<\/p>\n","protected":false},"excerpt":{"rendered":"A fuel boss says he expects prices to climb 15 – 20 cents per litre in coming weeks,…\n","protected":false},"author":2,"featured_media":526777,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,111,139,69],"class_list":["post-540165","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/540165","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=540165"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/540165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/526777"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=540165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=540165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=540165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}