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

 

MPI: Cow Disease Detected In NZ For First Time

MPI is responding to the detection of the cattle disease Mycoplasma bovis in a dairy herd in South Canterbury... The disease is commonly found in cattle globally, including in Australia, but it’s the first detection of it in New Zealand. More>>

South Island Flooding: Focus Moves To Recovery

As water recedes throughout flood-impacted areas of the South Island, Minister of Civil Defence Nathan Guy has praised the efforts of those who were involved in the response to the flooding... More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO: