Low dollar, high fuel prices help NZ Refining

The petrol refining company says while crude oil prices rose due to perceived shortages, product prices rose faster, giving near record margins for the region.

NZR says prices peaked in August due to maximum northern summer demand and supply shortfalls in South East Asia. It says some refinery maintenance problems also restricted supply in the region.

However the company says margins have come off their peaks and declined steadily during September to their current level of US$3.20, compared with US$4.34 for the July/August period.

In June/July the margin was US$0.82.

NZR says its earnings have also been helped by the strength of the US dollar against the kiwi.

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