Petrol falls 2c a litre

JASON KRUPP
Last updated 10:32 25/03/2013

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Petrol prices fall again as softer international demand weighs on the price of refined fuel, trimming two cents a litre at the pump.

Z Energy and Caltex have lowered their prices to 216.9 cents per litre of 91 octane, while diesel prices remained unchanged at between 151.9c and 152.9c a litre.

Petrol prices have now fallen 4c in just under a month.

Petrol prices at the pump generally move in 2c increments as a minimum, but there is nothing stopping bigger price movements being passed onto consumers.

Z Energy spokesman Jonathan Hill said the move followed a gradual easing in the price of refined petrol products, which had fallen from US$134 (NZ$160) a barrel at the beginning of the month to US$132.50.

"The (New Zealand) dollar has been stable and the price of refined fuel has been coming back, which has been passed on to the pump," he said.

Refined fuel prices broadly track the oil price, which has been easing as additional supply out of the US has lowered prices.

Additionally, fears that the financial collapse of Cypress may re-ignite the European debt crisis has weighed on demand as energy traders dialled back their bets on global economic growth.

A barrel of Brent Crude recently traded at US$107.6, down from around US$113 a month ago.

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- BusinessDay.co.nz

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