Latest / 360 with Katie Woolf / Anthony Hill CEO AANT gives us some insight into what is causing the exorbitant petrol prices we're seeing in the NT

Transcript

Anthony Hill CEO AANT gives us some insight into what is causing the exorbitant petrol prices we're seeing in the NT · 360 with Katie Woolf

• 0:00
  Speaker 1: We know that those petrol prices continue to rise. On Friday,
• 0:05
  Speaker 1: there were still a few locations that were slightly fairer
• 0:07
  Speaker 1: than others. This morning, though, the prices for unlettered are
• 0:10
  Speaker 1: now sitting at a dollar eighty five point five and
• 0:14
  Speaker 1: above pretty much everywhere around Darwin. For your diesel they
• 0:18
  Speaker 1: range from a dollar eighty one up to a dollar
• 0:20
  Speaker 1: eighty five point nine. No doubt, it's hurting all of
• 0:24
  Speaker 1: us at the hip pocket right now. Joining me on
• 0:26
  Speaker 1: the line to give us a bit of an insight
• 0:28
  Speaker 1: is the CEO of AAANT here in the Northern Territory,
• 0:32
  Speaker 1: Anthony Hill.
• 0:33
  Speaker 2: Good morning to you, Good morning Katie Anthony.
• 0:37
  Speaker 1: What is causing this price increase at the moment.
• 0:41
  Speaker 2: There's a few things that play at the moment, so
• 0:43
  Speaker 2: I think certainly omicron globally is having an influence. There's
• 0:47
  Speaker 2: been some rebel rays on refineries in the Middle East,
• 0:49
  Speaker 2: which is where most of the oil is produced for fuel,
• 0:54
  Speaker 2: but also the political tensions between Russia and Ukraine are
• 0:57
  Speaker 2: having an effect, which is it's really and artificial downward
• 1:01
  Speaker 2: pressure on all supplies have also helped push the price
• 1:05
  Speaker 2: of petrol up to almost record levels.
• 1:08
  Speaker 1: And no it's not good news at all for any
• 1:10
  Speaker 1: of us. I noticed it on the weekend. I stupidly
• 1:13
  Speaker 1: told all of our listeners on Thursday or Friday last
• 1:16
  Speaker 1: week that I thought the prices were going to go up,
• 1:17
  Speaker 1: and then forgot to fill my own vehicle up so
• 1:21
  Speaker 1: paid top dollar on the weekend. How long do we
• 1:24
  Speaker 1: think they're going to stay high?
• 1:26
  Speaker 2: I think the forecast is really for the short to
• 1:28
  Speaker 2: medium term that we're going to be seeing these prices
• 1:31
  Speaker 2: hang around for a little while. Unfortunately. But when you
• 1:34
  Speaker 2: think this time last year we're paying a dollar twenty five,
• 1:38
  Speaker 2: it's a massive increase in obviously financial impact for all
• 1:41
  Speaker 2: territory families. But I do think that we're going to
• 1:45
  Speaker 2: be seeing this for a little while longer. Yeah, unfortunately.
• 1:47
  Speaker 1: And Anthony, how are we comparing at the moment to
• 1:49
  Speaker 1: other states?
• 1:52
  Speaker 2: Other states? We're a little bit different to other states,
• 1:55
  Speaker 2: seeing in fact, the Southern States have these quite massive
• 2:00
  Speaker 2: some cycles due to competition and larger markets. So you know,
• 2:04
  Speaker 2: day perth last week, we're around about the two dollar mark,
• 2:07
  Speaker 2: and so they're going through a pricing cycle and then
• 2:10
  Speaker 2: that could drop twenty cents in a few days times,
• 2:13
  Speaker 2: so they have this massive price cycle. We don't seem
• 2:16
  Speaker 2: to have that in the territory as much because of
• 2:19
  Speaker 2: the size of our market. It's more consistent, but unfortunately
• 2:22
  Speaker 2: we're seeing it consistently increase at the moment.
• 2:24
  Speaker 1: Yeah, it does seem that way. I know that I
• 2:27
  Speaker 1: had a bit of a look at the terminal gate price.
• 2:29
  Speaker 1: It's high. It's a dollars seventy one for both diesel
• 2:31
  Speaker 1: and unlettered this morning, and you know, I suppose to
• 2:34
  Speaker 1: a lot of people listening, it does seem as though
• 2:36
  Speaker 1: the minute the gate price goes up, it goes up
• 2:39
  Speaker 1: at the bowser, but that's not the case when it
• 2:41
  Speaker 1: goes back down.
• 2:43
  Speaker 2: Yeah, I mean there is a bit of a flow
• 2:45
  Speaker 2: on effect from when the retailer is buying bulk, so
• 2:49
  Speaker 2: when they buy in bulk, it will take little time
• 2:52
  Speaker 2: for it to flow through. But we're watching the margins
• 2:55
  Speaker 2: very carefully. We were through December January seeing margins that
• 3:00
  Speaker 2: through the retailer is probably higher than what we wanted
• 3:03
  Speaker 2: and called that out. But we saw that drop and
• 3:07
  Speaker 2: it's probably this morning to see that come up a
• 3:09
  Speaker 2: little bit from where it's came. But yeah, so we'll
• 3:13
  Speaker 2: keep a very close time on that and call it
• 3:15
  Speaker 2: out when we think it's too high.
• 3:17
  Speaker 1: Yeah, and we will certainly do the same. How got
• 3:20
  Speaker 1: a caller rang through last week on Thursday, I believe
• 3:24
  Speaker 1: it was, and he was filling few his car up
• 3:26
  Speaker 1: with fuel and the price went up by six cents
• 3:29
  Speaker 1: at the time, so essentially he was starting to fill
• 3:32
  Speaker 1: it up. They asked him to stop, and then it
• 3:35
  Speaker 1: ended like they put the prices up and he had
• 3:37
  Speaker 1: to fill his car up at the higher rate. Is
• 3:39
  Speaker 1: that allowed?
• 3:41
  Speaker 2: Look, I would have thought if you commenced filling up,
• 3:44
  Speaker 2: you get it at the price that he pulled up at.
• 3:47
  Speaker 2: So be an interesting one to follow up because it's not.
• 3:51
  Speaker 2: That doesn't seem right.
• 3:52
  Speaker 1: No, I thought the same. It didn't certainly didn't seem
• 3:56
  Speaker 1: very fair. Well, Anthony, I suppose it's at this point
• 3:59
  Speaker 1: in time. It's one of those things. There are so
• 4:01
  Speaker 1: many factors at play, but it's tough. It's tough going
• 4:04
  Speaker 1: when you look at those petrol prices.
• 4:07
  Speaker 2: He certainly is. It's a have of our control somewhat.
• 4:09
  Speaker 2: But and I said, it is a bit of a
• 4:11
  Speaker 2: supplying demand at the moment. So the supply of all
• 4:15
  Speaker 2: those major oil for producers can't keep up those global
• 4:20
  Speaker 2: markets open up as well, so a lot of pricing pressure.
• 4:23
  Speaker 2: I think it will be around for a little while unfortunately,
• 4:25
  Speaker 2: so drive conservatively. I think there'll be a bit of
• 4:29
  Speaker 2: a grin on those that have bought EV electric vehicles. Yes,
• 4:32
  Speaker 2: at the moment, but most of the affordeth Unfortunately, it's
• 4:37
  Speaker 2: here here for a little while longer.
• 4:39
  Speaker 1: Well, Anthony Hill, the CEO of A A n C.
• 4:42
  Speaker 1: We really appreciate your time, mate, no doubt we'll talk
• 4:44
  Speaker 1: to you again very soon.
• 4:46
  Speaker 2: Absolutely, thanks Katie, thank you,