November fuel prices at their lowest for 10 months

Media Release: 4 December 2006

PetrolWatch – November 2006

November fuel prices at their lowest for 10 months

Petrol and diesel prices were at their lowest in November since late December 2005, with 91 octane petrol retailing for $1.39 per litre throughout most of the month, and diesel selling for 99 cents per litre in the main centres.

The prices of both fuels were five cents per litre less than during October, thanks to a drop at the beginning of the month. Petrol prices, however, rose 4 cents per litre at the end of November, although diesel remained unchanged.

“We’re pleased motorists have benefited from steady pricing and increased competition from fuel discount coupons, although it’s disappointing that prices have recently risen again after several months of continued reductions,” says Mike Noon, AA General Manager of Motoring Affairs.

“While there has been some small decreases in crude oil prices this month, unfortunately the cost of refined product on the international market rose towards the end of November. The oil companies were able to hold prices for most of the month thanks to the stable exchange rate,” Mr Noon added.

In early November, the AA ran the very successful AA EnergyWise Rally with support from EECA and Gull NZ, during which the Minister of Energy announced plans for a vehicle fuel economy labelling scheme.

“Whether prices are rising or falling, it’s important that motorists have choices to make savings wherever they can, be it from supermarket discounts, fuel efficient driving or through buying fuel efficient vehicles.

“This is why the AA encourages people to purchase the most economic cars that meet their needs as a kind of insurance against volatile fuel prices. The AA believes the Government’s plan to introduce fuel economy labels on cars for retail sale will be one way of helping motorists make an informed choice, and we welcome their introduction as soon as possible,” says Mr Noon.

ENDS

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