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Fuel prices down and up

Media Release: 1 February 2013

PetrolWatch – January 2013

Fuel prices down and up

Petrol prices rose slightly during January, ending the month 1 cent higher than at the start. The price of 91 octane petrol began the new year on $2.13 per litre, before falling 3 cents during the month and then rising 4 cents on January 31 to end the month on $2.14 per litre in the main centres.

The price of diesel fell 4 cents per litre during January, to end on $1.50 per litre at most service stations.

“Although there was an unwelcome increase in fuel prices in late December, fuel prices have been largely unchanged during the busy holiday driving period,” said AA PetrolWatch spokesperson Mark Stockdale.

“International commodity prices usually rise at this time of year due to heating fuel demand in the Northern Hemisphere winter, and during January oil prices rose US$5 a barrel to a 3-month high. The last time oil prices were this high, we were paying $2.18 a litre for 91 petrol, but the high exchange rate is helping offset those higher commodity prices.

“This time last year we were paying almost exactly the same price for fuel, so despite the ups and downs during the last year, fuel prices have remained relatively stable,” Mr Stockdale added.

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