Fuel prices on their way down

Media Release: 1 October 2012

PetrolWatch – September 2012

Fuel prices on their way down

After two months of price increases during which the cost of petrol reached an all-time high, fuel prices fell three consecutive times during September.

Petrol prices fell a total of 8 cents, to end the month on $2.15 per litre for 91 octane in the main centres. Diesel prices only fell 2 cents to $1.55 per litre at most service stations.

“After the price of 91 octane hit a new record of $2.23 per litre, it’s a welcome relief to have prices drop several times during September,” says AA PetrolWatch spokesperson Mark Stockdale. “The price cuts are a combination of a strengthening Kiwi dollar and falling commodity prices later in the month, so it’s a classic win-win situation for motorists.”

“The AA’s monitoring of the importer margin shows that the pump price reductions are a step in the right direction, but with more room for downward movement, especially on diesel,” Mr Stockdale added.

How to save 40% on your fuel bill

AA PetrolWatch reminds motorists there are a number of simple ways they can reduce their fuel bill:

• Accelerate smoothly and brake gently. Poor driving style can use 20% more fuel (about 40 cents per litre)
• Check your tyre pressure at least once a month. Incorrect tyre pressure can use 8% more fuel (16 cents per litre)
• Keep your load down and windows up. Extra weight and drag can add 10% to your fuel bill (20 cents per litre)
• Don’t speed. Keeping to the speed limit can save up to 13% in fuel (26 cents per litre)
• Watch your air con. Turn the air conditioning off when not needed to save 9% of fuel (18 cents per litre)
• Service your car. A well-maintained car can save 10-20% fuel (20-40 cents per litre)

“Tests conducted by the AA show that by adopting just a few of these tips, it’s possible for motorists to save more than 40% in fuel costs,” says AA PetrolWatch spokesperson Mark Stockdale.

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

Ends

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