AA PetrolWatch July 2007. High New Zealand dollar keeping prices down
June's steady fuel prices carried over into July, and remained at $1.57 per litre for 91 octane and $1.03 per litre for diesel in the main centres for most of the month. However, petrol consumers enjoyed a three cent per litre drop in the latter part of the month, to end on $1.54 per litre. Diesel prices also fell briefly to just under $1.00 per litre in several cities, but ended the month back at $1.03 per litre in most locations.
3 August 2007
AA PetrolWatch July 2007. High New Zealand dollar keeping prices down
"The welcome fall in petrol prices is largely attributed to the rising New Zealand dollar which reached over 0.80 US cents in the last week of July, although international refined petrol prices also fell later in the month," said General Manager of AA Motoring Affairs, Mike Noon.
Overall, international refined petrol prices fell by seven per cent during the course of the month, while in contrast refined diesel prices rose three per cent, and crude oil prices increased by over five per cent.
Twelve months ago, motorists were paying $1.77 per litre for 91 octane, and $1.28 per litre for diesel, when the exchange rate was just under 0.62 US cents.
"That means the high New Zealand dollar has been saving motorists around 0.20 cents a litre on petrol, or at least 0.15 cents when factoring in the higher crude and product prices from a year ago," says Mr Noon.
"Motorists have had a good run thanks to our exchange rate, but if there is a substantial fall in the New Zealand dollar against the US dollar then we can expect pressure to come back on prices at the pump," he added.
The AA reminds motorists to visit www.aa.co.nz or www.fuelsaver.govt.nz for tips on how to save fuel.
For more information contact
Mike Noon
General Manager, AA Motoring Affairs
New Zealand Automobile Association
T. +64 4 931 9984
M. +64 21 659 704
E. mnoon@aa.co.nz
The New Zealand Automobile Association is an incorporated society with over one million members. It represents the interests of road users who collectively pay over $2 billion in taxes each year through fuels excise, road user charges and GST.