Petrol prices edge down towards $2 per litre

PetrolWatch – November 2014

Petrol prices edge down towards $2 per litre

National petrol prices have edged closer to $2 a litre for the first time in two-and-a-half years.

Petrol prices fell 8 cents per litre during November, with the price of 91 octane ending the month on $2.06 per litre at most outlets. Diesel fell 6 cents to end the month on $1.38 per litre. Fuel prices subsequently fell another 3 cents per litre on 1 December.

“We’ve had nine straight price cuts in a row since 10 October, with petrol prices falling 19 cents per litre, and diesel 17 cents,” says AA PetrolWatch spokesperson Mark Stockdale.

“Motorists are now paying the lowest petrol prices since July 2012, and the lowest diesel prices since December 2010. The lower pump prices reflect continuing falls in international commodity prices, which are now at their lowest level in over four years and there appears to be no let-up. On current trends, prices at service stations in all the main centres are likely to drop below the $2 a litre barrier soon, for the first time in two-and-a-half years.”

“It’s been a while since motorists have paid less than $2 a litre for petrol, and the latest prices are welcome news for Kiwis in the lead-up to Christmas. Families will be feeling more comfortable about making travel plans for their holidays and about taking longer trips or making extra trips to visit extended family,” Mr Stockdale says.

According to AA PetrolWatch, the average owner of a medium-sized car will be saving about $200 a year in petrol costs at current prices, compared to early October.

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