Petrol prices are coming down, with BP trimming 3 cent a litre across the board, as world refined petrol dropped and crude prices fell to a three week low.
The price for 91 unleaded was down to $2.14.9 cents, with 95 down to $2.22.9 a litre. Z Energy followed suit, also cutting prices by 3c a litre but left diesel prices unchanged at $1.54.9c a litre.
In August, the price of 91 octane hit a new record of $2.23 a litre, topping the previous peak seen in May last year, but then fell three times in September this year.
"The cost of international product prices has steadily declined over the last few days, and although the NZ dollar has softened slightly, we're pleased to pass on this decrease to motorists," BP managing director Matt Elliott said.
"Slowing economic growth around the globe has reduced oil demand and driven the prices downwards," he added.
United States oil prices fell 1.5 per cent yesterday after more discouraging company profit reports in the US dimmed the outlook for the economy there.
Crude in the US was down US$1.32 a barrel to US$88.73 a barrel, the lowest in three weeks.
- © Fairfax NZ News