Fuel prices: Who is cashing in as petrol prices hit record highs at the pump?
As fuel prices reach record highs, energy experts point to state-owned oil companies and national governments as the primary beneficiaries of windfall profits. While retail brands are visible at the pump, the bulk of the profit is captured by crude producers and refinery operators.
Why it matters
Understanding the distribution of profits during energy crises is essential for evaluating economic policy and the impact of global conflicts on consumer costs.
The price of fuel has hit a record high since the US-Iran conflict started. Photo / RNZ, Dan Cook
Producers of crude oil, owners of oil refineries and the New Zealand Government are among those making more money as the price of fuel hits a record high at the pump.
According to gas price comparison app Gaspy, the average price of 91 octane fuel is $3.60 a litre and diesel is sitting at about $3.23.
An investigation by the Guardian in August found eight of the biggest oil companies amassed profits of more than US$90 billion ($159.8b) in three months as the US-Iran conflict sent energy prices soaring.
Energy expert and former Marsden Point refiner manager David Keat told Morning Report there were a few parties cashing in for different reasons.
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