Gull confounded by mathematics of pump prices

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Gull confounded by mathematics of pump prices

Oil Giants increase petrol prices 3 cents while the Barrel price falls!!

Auckland, 14 September 2011 - The four oil giants increased petrol prices by 3 cents per litre in the last 24 hours despite falling international prices for fuel.

"I did simple mathematics when I went to school and I can't work this out," says Graham Stirk, Gull Retail Manager.

"On Monday night (NZ time) the price of a refined barrel of petrol in Singapore fell by $US4, the lowest price since 23 August, and a significant drop This gives Gull the opportunity to evaluate our pricing, and if the current barrel price holds, then perhaps we can drop our prices.

"We are dumb-founded how any operator can justify an increase right now in light of such a large fall in the key indicator for New Zealand petrol prices. It's tricky maths, and doesn't deliver savings to the kiwi motorist," says Stirk.

Singapore refined prices remain $US3 per barrel below Friday's close.

Stirk notes $US1 per barrel (excluding GST) is approximately NZ 0.9 of a cent per litre (including GST) at the pump using an exchange rate of $0.82.

Gull's prices will hold until Friday morning with Gull sites being around 5 - 7 cents per litre lower than the oil giant's equivalent grade of fuel

At the majority of Gull outlets where Gull controls retail prices, prices are as follows:

Unmanned Site

Manned Site

Gull Regular Plus 91 (ethanol blend)

$2.029

$2.049

Gull Regular 91

$2.029

$2.059

Gull Force 10 (98 octane ethanol blend)

$2.159

$2.189

Gull Diesel Max (biodiesel blend)

$1.399

$1.419

Gull Low Sulphur Diesel

$1.399

$1.429

ENDS

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