Petrol prices drop again

Last updated 10:50 16/05/2011
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DOLLAR-DRIVEN: Oil declined for a second session as the greenback strengthened on euro-zone debt concerns.

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Petrol companies are dropping the price of fuel by 3 cents a litre this morning, citing cheaper refined oil, the second cut in a week.

Greenstone's Z Energy, the company which owns Shell in New Zealand, said the new price for Ultra will be 212.9c, 219.9c for V-Power and 154.9c for diesel.

Cheaper refined oil meant Z could cut prices, the company said.  

BP also dropped fuel prices at the outlets it owns by 3c.

Last week prices were volatile on the international markets but towards the end of the week prices softened, BP spokeswoman Di Papadopoulos said.

Mobil and Caltex have also followed suit, BP by matching their 3cents a litre petrol price drops this morning.

Sharon Buckland, from Chevron New Zealand which markets Caltex, confirmed 91 octane was down to 212.9c.

Diesel was down to 153.9c and 95 octane 219.9c.

Alan Bailey, from Mobil, said its 91 octane price per litre was down to 212.9 and 95 octane to 219.9c.  Diesel was reduced on Friday to 154.9c.

"It's really just reflecting the general weakening of regional prices following on from crude price drops last week," he said.

Last Monday, all oil companies dropped retail petrol and diesel prices dropped by 6 cents a litre.

- BusinessDay.co.nz, with NZPA

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