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Fuel prices remain stable

Media Release: 3 December 2012

PetrolWatch – November 2012

Fuel prices remain stable
Fuel prices remained relatively stable during November, with petrol falling 3 cents per litre early in the month before rising 4 cents two weeks later, following increased tensions in the Middle East.

Overall, the price of petrol was up 1 cent by month end, to $2.13 per litre for 91 octane in the main centres, while diesel prices remained unchanged at $1.52 per litre at most service stations.

“Lower commodity prices led to the AA calling for a price cut in early November, and fuel companies dropped pump prices by 3 cents per litre on 5 November. Unfortunately, later in the month petrol commodity prices rose by over US$6 a barrel, partly offset by New Zealand’s strong exchange rate,” said AA PetrolWatch spokesperson Mark Stockdale.

“Normally at this time of year commodity prices begin rising due to stockpiling of heating fuel for the Northern hemisphere winter, but so far fuel prices remain relatively stable. Compared to this time last year, we are paying 6 cents per litre more for petrol, while diesel prices are down 9 cents per litre,” Mr Stockdale added.
Check premium fuel prices at the pump
The AA is warning motorists to check the price of premium fuels at the bowser after reports that one service station in Auckland was charging $2.40 per litre for 98 octane grade, 15 cents more than the national price of $2.25 per litre.

“Motorists need to be aware that there are two grades of premium fuel – 95 and 98 octane, with 98 octane fuel typically costing 8 cents more than 95 octane, and 16 cents more than 91 grade,” AA PetrolWatch spokesperson Mark Stockdale said. 98 octane is sold by some BP and Mobil stations, and Gull who retail an ethanol blend.

“It can be difficult for motorists to compare prices of premium fuels because service stations tend to only display the price of 91 octane on their price board. Therefore the AA advices people to check the price at the pump before filling up,” Mr Stockdale added.

The AA has called on the government to mandate the display of all fuel prices on the price boards to reduce confusion and facilitate price competition.

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