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

 


AA says pump prices should be dropping

Media Release: 1 August 2014
PetrolWatch – July 2014
AA says pump prices should be dropping

Despite a falling exchange rate, the AA says petrol prices should be falling too.

“Since the last price cut on 10 July, global petrol commodity prices have fallen nearly 10 US cents per litre. Allowing for the fall in the exchange rate, that equates to a drop in the imported cost of petrol of about 4 cents per litre, so the AA believes fuel companies should by cutting retail prices by about that amount,” says AA PetrolWatch spokesperson Mark Stockdale.

“Over the same period, the imported cost of diesel has risen, due to the falling Kiwi dollar, but nevertheless the AA does not expect diesel pump prices to rise yet. Fuel company margins have been above average so they can afford to absorb the increased costs,” Mr Stockdale added.

According to AA PetrolWatch, petrol prices rose a total of 1 cent per litre during July to end the month on $2.22 per litre at most brands. They initially rose 3 cents per litre on 1 July with the increase in excise tax, later falling 2 cents per litre. Diesel prices fell 6 cents per litre in July to $1.48 per litre at most service stations.

Check the pump price before filling up

AA PetrolWatch notes that the differential between 91 and 95 octane petrol is 8-9 cents per litre depending on brand. 98 octane petrol, where available, sells for about 16 cents per litre more than 91 octane. But the price gap between regular and premium grades may be higher if the service station is discounting the price of 91 octane. Many motorists are unaware of the price difference, as service stations tend to only advertise the price of 91 octane and diesel, so the AA recommends motorists check the price at the pump before filling up.

“The AA often gets complaints about the high price of premium fuels. Typically, motorists have unintentionally filled up with 98 instead or 95 octane, or the service station has discounted the price of regular petrol but not premium,” Mr Stockdale says.

“Either way, this confusion is compounded by the fact that most service stations don’t advertise the price of premium grades on their price boards. The AA thinks they should, and we have asked the government to make price boards mandatory, and to include the price of all fuels.”

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


Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news