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Speaker 1: Now on to another subject, QS of forming at petrol

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Speaker 1: stations as worried commuters try to fill their tanks before

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Speaker 1: the war in Iran sends the fuel prices through the roof.

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Speaker 1: The price of crude oil has shot up since the

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Speaker 1: start of the war. The AA is expecting the petrol

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Speaker 1: prices here to go up next week as a result.

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Speaker 1: Simon param is why Tormal Group's CEO, and he joins me. Now, Hi, Simon,

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Speaker 1: I see the AA reckons the prices will go up

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Speaker 1: next week. But haven't they already gone up?

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Speaker 2: Well? I think the market had already priced in a

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Speaker 2: bit of tension with the US Iran nuclear negotiations, but

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Speaker 2: they hadn't certainly hadn't priced in the war. And so

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Speaker 2: that's what we've seen this week as a real spike,

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Speaker 2: and those and those crew prices and specifically the Singaporean

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Speaker 2: plats prices that then flow into our market.

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Speaker 1: Are you considering putting up your prices or by how much?

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Speaker 2: Well, looking ahead from where we are today, I think

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Speaker 2: in the coming week we will have to see prices increase,

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Speaker 2: like gasoline between five to ten cents a leader and

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Speaker 2: dzel bow about fifteen to twenty cents a leader.

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Speaker 1: There's some speculation that we could be looking at by

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Speaker 1: thirty cents a liter shortly. Is that I mean, is

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Speaker 1: that something we should be factoring in?

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Speaker 2: Yeah, I think we've just got to take the market,

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Speaker 2: you know, every day at a time. It's been a

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Speaker 2: pretty crazy week, and I think our viewers that if

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Speaker 2: the strait of him Itz opens, then that spike's going

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Speaker 2: to resolve itself pretty quickly. But I guess the thing

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Speaker 2: for the customers out there is to shop around. There

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Speaker 2: are good deals out there. Even when I talk about

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Speaker 2: the prices that we might have to increase, that white

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Speaker 2: time of price will still be below a lot of

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Speaker 2: those full service companies out there today, So you know,

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Speaker 2: shop around. There's good deals out there.

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Speaker 1: If you put your prices up by five to ten

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Speaker 1: cents a lead, where does that put your relative to

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Speaker 1: the three dollar mark.

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Speaker 2: Well, at the moment, our ninety one is about two

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Speaker 2: dollars sixty and our diesels two dollars five, So there's

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Speaker 2: still still a way for us to get to three dollars.

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Speaker 2: But there's some competitors out there at the moment who

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Speaker 2: are getting pretty close to that the three dollar mark.

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Speaker 1: What are you guys pricing in for at this stage,

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Speaker 1: how long this business goes on for it?

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Speaker 2: Iran, Well, I guess if we listen to President Trump,

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Speaker 2: he's saying four weeks. I hope it's shorter. But you know,

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Speaker 2: we're just literally taken each day, you know, every day

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Speaker 2: we're hoping for good news and the price is just escalated, escalated, escalated.

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Speaker 2: So where as just a total watching brief, you guys

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Speaker 2: got any cues? Yeah, look, our field demand's been up

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Speaker 2: probably about ten to fifteen percent each day this week,

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Speaker 2: so we are seeing some cues on some sites, but

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Speaker 2: there's product there, plenty of supply there. So it is

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Speaker 2: those customers that are reading the headlines and getting in

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Speaker 2: there and filling up before those those prices increasing.

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Speaker 1: Yeah, I was wondering, is it filling up before the

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Speaker 1: prices increase or are they freaking out about fuel supply

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Speaker 1: in this country?

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Speaker 2: Well, yeah, the industry is definitely managing the stock well

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Speaker 2: and they mention it carefully. But there's twenty days of

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Speaker 2: product in the country and there's a ship arriving from

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Speaker 2: Singapore every other day, so you know, I guess supplies

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Speaker 2: in the issue right at this moment, but I think

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Speaker 2: they're looking to just front foot it versus what they're

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Speaker 2: seeing in the media and with increasing prices.

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Speaker 1: In in it now, Marsden Point, is this something that we

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Speaker 1: need to discuss.

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Speaker 2: It's probably above my pay grade. We've still probably been

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Speaker 2: a similar situation because we have to import crude. All

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Speaker 2: we're doing now is we're importing refined products. So it's

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Speaker 2: ready to go home.

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Speaker 1: So Marsden Point gives us a few weeks supply, right,

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Speaker 1: and apparently there is another twenty nine days worth a

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Speaker 1: supply on the way. Do you actually how realistic is

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Speaker 1: it to fullesee a situation in the short term or

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Speaker 1: medium term where we run out of fuel? Is that realistic?

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Speaker 2: I don't think it's realistic, you know. I think the

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Speaker 2: industry here filled with a lot of great professionals who

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Speaker 2: who manage that supply and they do a great job

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Speaker 2: and know there, like I said, there's a ship arriving

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Speaker 2: every second days from Singapore, So that doesn't just happen

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Speaker 2: by magic. It happens by a lot of great management.

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Speaker 1: Yeah, Simon's good to talk to you, mate, Thank you

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Speaker 1: very much. Simon param who is why Tormal groups CEO

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Speaker 1: for more from hither Duplessy Allen Drive.

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