13 Dec 2015

Oil drop won't mean lower price at pump - AA

2:33 pm on 13 December 2015

The Automobile Association says the drop in global oil prices won't affect the price of petrol in this country.

The price of Brent crude oil has fallen below $US39 a barrel, its lowest in seven years.

However, AA spokesman Mark Stockdale said the price for petrol is still at $US60 a barrel, not as low as it was seven years ago, and quite high by long-term standards.

He said the price of fuel would be "quite a bit lower" if our exchange rate had not fallen so much during the year.

"We would actually have lower prices at the pump if it wasn't for the fact that our exchange rate is lower now than it was back in January."

The New Zealand dollar is currently worth 67 US cents, down from 72 US cents on 31 January.

On 9 December, the AA reported the price of 91 octane was just under $1.88 a litre, of 95 octane just under $1.97, and of diesel just below $1.12.