Some analysts predict oil prices will breach $100 a barrel before the year is out, and a weaker kiwi dollar will worsen the pain at the pump.
Petrol prices are shaping up as the newest headache for consumers and the Reserve Bank, following a 14 percent lift in the oil price in July – the steepest monthly increase since January 2022.
Brent Crude oil futures gained for a seventh week to close at US$86.55 per barrel on Saturday (NZ time) as the kiwi dollar fell below US 60 cents to a nine-month low. That will create a double whammy for motorists in the coming weeks.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.