Petrol price drops on soaring dollar

JASON KRUPP
Last updated 11:22 12/04/2013

Related Links

Kiwi set to push through US86c again

Relevant offers

Industries

Britain's The Independent newspaper to cease print editions Uncertainty surrounds Southland's Prime Range Meats as workers are sent home Buy this beach: What you need to know Backpackers in Marlborough not paid for vineyard work Inland Revenue close to revealing job cuts as BT programme proceeds apace BNZ seeks mortgagee sale of Abel Tasman beach owner's $1.6m Wellington home Waitangi weekend drew out the shoppers Reclusive rich-lister John Spencer was once NZ's richest man Gareth Morgan critical of crowd-sourced Abel Tasman beach campaign Mummy blogger Heather Armstrong says 'real voices' being silenced online

Petrol prices across the country are dropping again, with BP and Z Energy cutting their prices by 2 cents a litre, and Caltex saying they're likely to follow later today.

The cut marks the third time in just over a week that BP and Z have cut prices, which have been on a downward trend since early March.

BP and Z are now selling 91 octane at 209.9c a litre across most of their service stations, 95 octane is retailing for 217.9c, and diesel is now selling at 146.9c a litre.

BP spokesman Jonty Mills said the price drop was a further reflection of the gradual decline in the cost of refined petroleum products on the international market.

"This, coupled with another spike in the NZ dollar to its highest point in two years, has enabled us to make further reductions quickly," he said today.

"It's our fourth price reduction at the pump in the last three weeks."

The New Zealand dollar recently traded at US86.28c, its highest level since August 2011, when the currency hit a historic peak against the greenback since floating in 1985.

Crude oil prices, one of the key cost components in refined petroleum products, fell 1.4 per cent overnight to US$104.32 a barrel, its lowest level since July last year.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content