Retail prices of petroleum products remained stable for the month of November despite the fluctuations in exchange rates in the starting and end of the month. Market price of 91 octane petrol stood at $1.66 per liter while diesel is being sold at $1.08 per liter in the main centers.

Terming the stability in prices extraordinary in ongoing economic environment, PetrolWatch spokesperson Mark Stockdale added, "It's the first time since June 2007 that prices have not moved in a calendar month. It's also the longest run without a price change since April 2009, when prices were stable for six weeks."

However, prices again started to fluctuate in early December due to decline in NZ dollar as compared to US dollar. The currency fluctuations led to around 3 cents rise in prices of petrol while import prices remained intact during the period.

Market analysts believe that future prices of petro-products would depend on the performance of New Zealand dollar in December. Global crude oil rates surged to around US$78 during the month according to AA PetrolWatch causing refined petrol and diesel prices to remain between US$81 and US$83 per barrel.