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Shell Cuts Petrol Prices By One Cent

MEDIACOM-RELEASE-SHELL-NEW-ZEALAND

SHELL CUTS PETROL PRICES BY ONE CENT

Shell is cutting petrol prices by one cent effective from midnight tonight (30 March 2000).

Shell Oceania Communications Manager, Antonius Papaspiropoulos, says the move is in response to OPEC's decision to release 1.7 million barrels of oil per day onto world markets - equivalent to a seven per cent increase in world production.

"The early signs are good, and while we are waiting for markets to stabilise, we believe we can pass on some early benefits to customers."

Overnight strengthening of the New Zealand dollar also prompted Shell's decision, Mr Papaspiropoulos says.

Shell is optimistic that today's announcement will be the first of many.

"Shell has certainly not enjoyed raising prices over recent months, but has had no choice due to the Organisation of Petroleum Exporting Countries stranglehold over world oil supplies. All signs are that oil prices are now on the decline, so Shell will ensure that its customers are the first to reap the benefits."

Ends

MEDIA RELEASE FROM SHELL NEW ZEALAND

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