2 July 2004 AA petrol Watch - June 2004

2 July 2004 AA petrol Watch - June 2004
The positive fall in fuel prices at the pump during June was welcomed by motorists after the hefty increases in May noted AA Petrol Watch. This decrease reflected the continuing fall in the international oil price during the past month and the New Zealand dollar remaining stable.

During June the nation-wide average pump price of 91 Octane fell by 11.5 cents per litre, from an all time high of 123.5 cents per litre at the start of the month to reach 112 cents per litre on the last day of June. The price of 96 Octane also fell by a similar amount and importer margin for petrol ranged between 11.5 and 13 cents per litre.

The price of diesel followed this pattern throughout June, from a nation-wide average price of 77 cents per litre in the first week of the month to reach 67 cents per litre by the end of the month.

Motorists are encouraged that fuel retailers had acted responsibly and reduced their prices in line with a fall in the international oil price. The promptness of the response is also acknowledged.

“Motorists will be watching for possible further price decreases and the influence of competition if the international oil price falls further, especially with the New Zealand dollar remaining strong” George Fairbairn, AA Director of Public Affairs said today.

The Association noted however that the international oil price would most probably continue to remain volatile for some months and that if pump prices increase again that adequate forewarning and information be given to motorists. Fuel retailers should also seek to introduce any price increases in a gradual manner to reduce the impact on the costs of motoring.

AA Petrol Watch will continue to monitor fuel prices and report on them regularly.

ENDS

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