Who is cashing in as petrol prices hit record high at the pump
Rising petrol prices in New Zealand are benefiting crude oil producers, refinery owners, and the government through increased tax revenue. Experts note that while major retail brands are visible, state-owned oil companies and OPEC nations are the primary beneficiaries of current market conditions.
Why it matters
Understanding the drivers of inflation and fuel costs is critical for economic policy and consumer awareness during energy crises.
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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 fuel is $3.60 and diesel is sitting 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 (NZ$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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