Retailers drop petrol 4c a litre
Petrol prices have fallen at the pump from record highs as crude oil became cheaper on international markets for the first time in a month.
Z Energy is now charging 4 cents less a litre for 91 octane at 222.9c, while Gull is running a 10c-a-litre discount on petrol to have 91 octane between 199.9c a litre and 216.9c across its outlets.
Petrol prices this month hit a record 226.9c a litre for 91.
Automobile Association PetrolWatch spokesman Mark Stockdale said the drops were welcome.
"It's great after two months of price rises we're finally seeing some decreases in pump prices," he said.
"Things are finally heading in the right direction. It's a culmination of a small decrease in commodity prices, which the fuel companies have been quick to pass on, and the exchange rate, which continues to rise."
The falls are based on a combination of a higher New Zealand dollar, which rose to just under US80c this morning from a low of US77c this month, weak manufacturing data from China and poor performance by the United States sharemarket overnight.
Crude is now trading at US$105.39 a barrel in New York, down 1.7 per cent.
Z Energy senior communications manager Sheena Thomas said a dip in the cost of refined petrol and diesel on the international market meant the company was able to pass on savings to customers.
"It's a significant decrease for petrol, which we hope will be a welcome relief to motorists, particularly as they travel back home from school holidays," she said.
Gull today introduced a 10c-a-litre discount special that will run until tomorrow.
Its prices vary, based on the cost of operating each petrol station, including property rental rates.