Petrol prices fall as kiwi strengthens

Last updated 09:21 10/07/2014

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Petrol and diesel prices have dropped this morning as the New Zealand dollar continues to strengthen and international product prices fall.

Prices at the pump fell 2 cents a litre, led by BP.

A litre of 91-octane now cost 221.9c, while diesel had fallen to 148.9.BP communications manager Jonty Mills said international prices had been volatile recently, because of tensions in the Middle East.

But this had begun to ease, and over the last week international product prices had dropped accordingly.

''At the same time, the NZ dollar has continued to strengthen so these combined factors have enabled us to pass on another reduction at the pumps.''

The dollar rose above US88c overnight and is now only US0.2c away from all-time high.

Mills said BP had passed these benefits on as ''quickly as possible''.

''We don't know what shape the market will take going forward and there is still a degree of uncertainty,'' he said.

Petrol prices were 3c off last year's all-time high of $2.27 a litre for 91 octane before this morning's drop.

Last week, AA PetrolWatch spokesman Mark Stockdale said diesel was overpriced by about 4c a litre.  

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- The Dominion Post

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