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International Pressure - Further Petrol Price Rise

MEDIACOM-RELEASE-SHELL-NEW-ZEALAND

CONTINUED INTERNATIONAL PRESSURE PROMPTS FURTHER PETROL PRICE INCREASE

Continued pressure on international oil prices is forcing Shell New Zealand to raise petrol prices by three cents (inclusive of GST) across both grades from midnight tomorrow night (Tuesday 16 November).

Diesel will increase by one cent (inclusive of GST) at the same time.

Shell says the price of Dubai crude, now topping US$23.80 per barrel has given it no choice but to pass some of these cost increases on to customers.

Shell says the international oil market is directly driving these price increases.

"In the past week, OPEC and the International Energy Agency have indicated that oil prices will remain under pressure. OPEC has said that it would restrict supply beyond its original March 2000 deadline, and the International Energy Agency says the looming northern winter will cut oil inventories to record low levels. These two factors combined give Shell no alternative but to raise prices."

At US$23.80, today' s crude price is the highest it has been for three years, and reflects a more than 200 per cent increase since January 1999.

Last week, the company indicated that the oil market was again under pressure and that price increases were likely.

"We believe it is important to explain to customers what is happening in the international arena, and provide some forewarning of when price increases are likely. At least that way, there are no surprises."

Tomorrow's petrol price increase will be the seventh since the start of the year, equating to a 13.33 cent overall increase (inclusive of GST).

ENDS....

MEDIA RELEASE FROM SHELL NEW ZEALAND

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