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

John Key says Panama Papers leak a cautionary tale for Kiwi businesses BNZ profit hit by higher expenses, bad dairy debts Ford NZ lost in transmission over Australian class action Tesla production, spending rising, 500,000 cars planned in 2018 Air New Zealand denies woman from boarding heavy Tongan flight US confirms recall of 35m-40m Takata air bag inflators 'Drunk and stoned' Qantas pilot loses bid to fly again Olympic swimmer Mark Weldon jumped in the deep end at MediaWorks Attention cat lovers: Ever wondered what your cat is trying to say? Kogan-run Dick Smith website hits the internet as stores close

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