Petrol prices

Where does the source information for closing these stocks come from? I believed it was [www.mbie.govt.nz]

But the 21 August stock has closed and there is no update to the website spreadsheet (as at 12:04pm 24 August 2015) Is there another source that I am unaware of that the closure is based on?

Many thanks.

I reckon a mistake may have been made on this one.

This stock, for petrol closing at 1.974-2.024 closed at a dollar, but the latest update here suggests the price was 2.04.

One of the stocks appeared to disappear at some point yesterday, but on the Sunday before there was quite a lot of movement with the price of 91 in Wellington (what MBIE refers to as the "national price" falling in the last couple of days of last week.

Admin can we get a clarification? I was not short the stock that closed at a dollar, but shortly before it closed offered to go short because the price appeared to be wrong to me. Unless I have made a mistake, presumably someone missed out here.



Edited 1 time(s). Last edit at 08/25/2015 12:56PM by thedoctor.

Hi LaxTrade

We had an error in our contract. The data used by MBIE (found at: [www.mbie.govt.nz] ) does not differentiate between the price of 91 and 95 Octane instead averaging the price of the two together.

As a result we have decided to switch to a different source of information. The new source is the AA ‘Petrolwatch’ site: [www.aa.co.nz]. This website provides more timely updates and differentiates between the cost of 91 and 95. The closing price will in future be the average cost of 91 in Auckland, Wellington, and Christchurch.

Sorry for the lack of warning!

Um, well that is interesting... The stock suggests something quite different:

This contract will close when the Ministry of Economic Development publishes regular petrol price data for the week ended 21 August 2015. From the contract:


"Results published by the Ministry of Economic Development will be taken 'as is', without rounding."

The AA price is a completely different measure to the one defined in the stock. If I was on the wrong end of this I would be furious. In the event it just leads to a lack of confidence in the way stocks are determined.

Hi Admin,

When did this change happen? (as an aside MBIE prices are unweighted weekly averages, AA prices is as it sits on the last day of change).

Contracts were traded based on the contract conditions given as set by iPredict. I was under the impression that contract law would apply here with offer and acceptance taking place based on the contract notes given (as the doctor notes above).

Happy for you to put the hand up this time and pay out based on your error and lack of warning. It does bring a loss of confidence regarding determining contract outcomes.

Let me know how you wish to proceed.

Yes - sorry for the confusion. We did make a judgment error and will go with the initial terms.

As we cannot "unclose" contracts, we are financially correcting all accounts impacted by this incorrect stock closure.

Please note from now on the correct source is AA Petrolwatch. Sorry again and thank you for discussing this!

Let us know if you have any other concerns.

Admin, appreciate your thought and the outcome here.

The updated source is noted. Many thanks for your time rectifying this.