Fuel prices down but could go further

Media Release: 1 November 2012

PetrolWatch – October 2012

Fuel prices down but could go further

After a brief increase early in October, petrol prices continued a downward trend from September to be at their lowest levels in three months.

The price of petrol and diesel both fell 3 cents per litre overall during the month. 91 octane petrol ended the month on $2.12 per litre in the main centres, and diesel fell to $1.52 per litre at most service stations. Petrol prices briefly rose 3 cents earlier in the month with commodity prices, but then fell a total of 6 cents later in the month.

“International commodity prices began falling again in mid-October due to global economic concerns and improved fuel supply, and these savings have been passed on at the pump,” says AA PetrolWatch spokesperson Mark Stockdale.

“However, the AA’s analysis shows the imported cost of petrol has fallen nearly 10 cents per litre since 10 October, while retail prices are only down 6 cents per litre. So there is room for fuel companies to cut prices further and we hope they will do so soon.”

The AA says diesel commodity prices have fallen about 5 cents per litre in the last fortnight, half as much as petrol commodity prices, although diesel importer margins are still above average.

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

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