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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.

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