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Prices remain high despite the strong NZ dollar

Media Release: 5 March 2008

PetrolWatch – February 2008

Prices remain high despite the strong New Zealand dollar

Fuel prices remained at near record highs during February, with petrol rising 4 cents per litre during the month, and diesel effectively unchanged. By the end of February, 91 octane petrol was retailing for $1.75 per litre in the main centres, and diesel prices at the pump ranged from $1.26 to $1.29 per litre.

“The price rises followed increases in international refined petrol and diesel prices during February, which came on the back of crude oil prices again breaching the US$100 mark,” said AA Motoring Affairs General Manager Mike Noon.

“It’s small comfort, but the increase might have been greater if not for the rising exchange rate, with the New Zealand dollar gaining two cents against the falling American dollar over the same period.”

“The varying diesel prices indicate that there is some price competition in the market, and that motorists should always check the price boards before filling up.”

“2008 has seen a period of sustained high prices at the pump, with petrol prices consistently above $1.70 per litre for most of the last three months. Compare that to this time last year, when prices were around $1.44 per litre –that’s an extra $15 to fill a 50 litre tank,” says Mr Noon.

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