Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fuel prices fall, but not far enough

Media Release: 1 April 2014
PetrolWatch – March 2014
Fuel prices fall, but not far enough

Fuel prices fell during March, but the AA says retailers should be cutting prices further.

The price of petrol fell 2 cents to $2.16 per litre for 91 octane at most brands during the month, the lowest price since November. Diesel fell 4 cents per litre to $1.48 per litre at most service stations, the lowest price for diesel since May 2013.

“The New Zealand exchange rate is at its highest level for two-and-a-half years and, since retail prices last fell a fortnight ago, commodity prices have dropped slightly,” said AA PetrolWatch spokesperson Mark Stockdale.

“The last time fuel company margins – the difference between retail prices and landed costs – were this high, fuel companies cut pump prices and the AA says it is overdue for retail prices to fall again. Margins on petrol are at their highest level in six months, so fuel companies should be passing on their cost savings to motorists.

“The AA estimates there is scope for fuel companies to cut petrol prices by about 3 cents per litre, and although diesel prices fell more during March, there is also room for another reduction in diesel prices,” Mr Stockdale added.

• For more information, go to: www.aa.co.nz/petrolwatch

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news