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Diesel down, petrol up

Media Release: 2 February 2012

PetrolWatch – January 2012

Diesel down, petrol up

Fuel prices gave with one hand but took away with the other during January.

In a long overdue reduction, diesel pump prices fell 8 cents during the month to $1.50 per litre at most outlets. However, petrol prices rose 5 cents at the same time, to end the month on $2.12 per litre for 91 octane in the main centres.

It was the first increase in petrol prices in four months, and the first petrol price change since early November.

“This is not the first time diesel and petrol prices have moved in opposite directions, and reflects the different influences on international commodity prices,” says AA PetrolWatch spokesperson Mark Stockdale.

“Oil and refined fuel commodity prices rose in early January due to political tensions over the Strait of Hormuz, and while refined fuel prices have since dropped back a little oil remains high. The New Zealand exchange rate has been the motorists’ friend over this period, with a 4 cent rise since the 10 January petrol price increase helping to reduce the imported cost of fuel

“The 8 cent per litre drop in diesel prices was overdue because retail prices have been above average for some time and the AA had been calling for diesel prices to drop since December.

“Just as the high kiwi dollar has reduced import costs, hopefully motorists won’t have to wait as long for a drop in the pump price of petrol and it’d be great to see fuel companies pass on the current savings just in time for the long weekend.”

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

Ends

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