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High Kiwi$ results in lower pump prices

PetrolWatch – January 2014

High Kiwi$ results in lower pump prices

Retail petrol fuel prices fell 4 cents per litre during January, and diesel 6 cents, largely reversing December’s increases. The price of 91 octane petrol fell to $2.16 per litre in the main centres, with diesel falling to $1.51 per litre at most service stations.

“Refined fuel commodity prices rose sharply in December, leading to a 5 and 4 cent per litre increase in petrol and diesel prices respectively. But come January, commodity prices fell while the New Zealand exchange rate rose 2 cents, reaching a 9-week high,” says AA PetrolWatch spokesperson Mark Stockdale.

Compared to the end of December, petrol commodity prices fell just over 4 cents per litre. At the same time, the cost of importing diesel fell nearly 6 cents per litre.

“While fuel companies have passed on commodity price reductions, the importer margin for diesel is above average compared to petrol and in the AA’s view, there is room for them to cut diesel pump prices by at least two cents,” Mr Stockdale added.

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