AA PETROLWATCH 2003

AA PetrolWatch for January showed that petrol prices continued to remain volatile over the month, obviously driven by rising world oil costs amid uncertainty in the Middle East.

Wholesale prices continued to rise throughout January despite a strong New Zealand dollar and a favourable exchange rate.

There were also significant variations during the month in the regional prices for petrol, with 91 Octane selling in parts of Auckland for 97.9 cents per litre and in isolated areas reaching as much as 114.9 cents per litre. The average daily retail price across the country throughout January varied from 104.9 cents per litre to 107.5 cents per litre. Diesel averaged between 67.9 and 69.9 cents per litre across the country throughout the month.

AA PetrolWatch anticipates there will most probably be further price increases throughout February as the prospect of conflict in the Middle East increases.

George Fairbairn, AA Director of Public Affairs said “While the Association acknowledges that petrol retailers are being exposed to increasing world oil prices, it is important to maintain stability of margins to retain the confidence of the public”. Importer margins throughout January varied between 10 and 14 cents per litre, compared with last years average which varied around 12.5 cents per litre.

AA PetrolWatch continues to closely monitor weekly petrol and diesel prices at the pump, across the country.

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