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Diesel prices reach highest level in 21 months

Media Release: 2 SEPTEMBER 2013
PetrolWatch – August 2013

Diesel prices reach highest level in 21 months

Diesel prices rose 7 cents through August to finish at $1.60 a litre at most service stations, the highest diesel prices have been since November 2011.

In contrast, petrol prices fell to their lowest level in 10 weeks during August, but after several weeks of price cuts they began an upward climb again at the end of the month.

After beginning August on $2.21 a litre for 91 octane, petrol prices fell another 3 cents before rising 7 cents to end the month on $2.25 a litre in the main centres.

“Concerns about a possible US strike against the Syrian government have led to an increase in commodity prices,” says AA PetrolWatch spokesperson Mark Stockdale. “At the same time, the New Zealand dollar lost 3 cents against the US currency during the month.”

“Oil prices are now at their highest level since February. Back then motorists were paying $2.21 for a litre of petrol – but the exchange rate was worth 5 cents more while taxes were 3 cents per litre less,” Mr Stockdale said.

The AA’s monitoring of commodity prices and exchange rates show the imported cost of fuel rose 6 cents per litre since the last drop in pump prices in mid-August.

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