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AA Commends Oil Companies For Petrol Price Drop

AA Commends Oil Companies For Petrol Price Responsiveness

The Automobile Association commends Shell and BP for their prompt manner in recent days in reducing petrol prices.

Shell and BP, the only oil companies still formally announcing pricing moves, announced today they were reducing petrol prices below $1 for unleaded 91 in main centres.

While many members of the public harbour a suspicion that oil companies are quick to raise their prices and slow to lower them the AA's independent survey, Petrolwatch, of national and international petrol prices has, to date, not provided any evidence that this is the case.

"The oil companies prices are following the curves that we anticipate from looking at the international data", Public Affairs Director, George Fairbairn said today.

"The reductions we have seen over the past fortnight are in line with our expectations given declining international oil prices and the appreciation of the New Zealand dollar" he said.

AA Petrolwatch, launched in September, reports monthly on petrol price movements over the previous months, drawing its data from observations made by the AA covering a selection of sites around the country. The next Petrolwatch will be released in early December.

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