Petrol prices drop 4c but AA says it’s not enough

Media Release: 2 April 2013

PetrolWatch – March 2013

Petrol prices drop 4c but AA says it’s not enough
Fuel prices dropped back in March after rising to near record highs the month before.

After international commodity prices fell, the price of 91 octane petrol dropped 4 cents to end the month on $2.17 per litre in the main centres, with diesel falling 3 cents to $1.52 per litre at most service stations.

Retail prices are just a few cents per litre less than the same time a year ago.

“While the price of a barrel of oil fell up to US$10 a barrel during February and March, the commodity price of refined petrol and diesel – the stuff we put in our tanks – only fell about $7 a barrel in New Zealand dollars during February and March, which equates to about 7 cents per litre,” AA PetrolWatch spokesperson Mark Stockdale says.

“Fuel companies have been slow to pass on these lower costs, and have not gone far enough. Going by recent trends, the importer margin – the difference between retail prices and import costs – is well above average and a further pump price cut is overdue.

“With the recent busy Easter holiday weekend, Kiwi motorists were being charged too much for fuel. At current commodity prices the AA believes fuel companies should cut petrol prices by a further 3 cents per litre, and at least 5 cents for diesel,” Mr Stockdale added.

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

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