Media Release: 8 December 2009

PetrolWatch – November 2009

No price changes for a month

Retail fuel prices remained unchanged during the month of November, with a litre of 91 octane petrol still costing $1.66 per litre in the main centres, and diesel costing $1.08. In late October both fuels rose five and four cents respectively.

AA PetrolWatch spokesperson Mark Stockdale says “it’s the first time since June 2007 that prices have not moved in a calendar month. It’s also the longest run without a price change since April 2009, when prices were stable for six weeks.”

Mr Stockdale says the steady prices are welcomed by motorists, and are especially pleasing given that the exchange rate fell at the beginning and end of the month.

“Unfortunately the run came to an end in early December with petrol prices rising 3 cents per litre after the kiwi dollar dropping a couple of cents against the US dollar, while import prices remained unchanged.”

According to AA PetrolWatch, the price of a barrel of crude oil has hovered around US$78 all month, with the cost of refined petrol and diesel remaining between US$81 and US$83 per barrel. The New Zealand dollar began the month at 71.3 US cents, before rising to 74.5 US cents during November, only to drop back to 71 US cents at the end of the month.

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

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