AA Petrol Watch – October 2003

For Immediate Release
4 November 2003

AA Petrol Watch – October 2003

AA Petrol Watch observed that petrol prices at the pump rose slightly during October, despite a strengthening New Zealand dollar and relative stability in the international price for oil. The nation-wide average price for 91 Octane rose from 104.0 cents per litre in the earlier part of the month to 105.5 cents per litre in the later part of the month.

The importer margin for petrol varied between 10.5 and 12.5 cents per litre, compared with the average for this year of around 12.5 cents per litre.

The nation-wide average price of diesel also rose to 60.5 cents per litre in the last part of October, compared with average for the last part of September of 58.5 cents per litre.

“The high exchange rate and relative stability in international oil prices should ensure pump prices remain at current levels into November” said George Fairbairn, AA Director of Public Affairs.

The recent introduction of discounted petrol sales at some supermarket outlets should bring benefits to motorists and be convenient for shoppers, despite being directly linked to grocery sale volumes

“All motorists will be closely watching this initiative to see whether it brings wider benefits and enhanced competition in the fuels market” Mr Fairbairn said.

AA Petrol Watch will continue to monitor fuel prices and report on them regularly.

Ends.

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