AA backs drop in petrol prices

HAMISH MCNICOL
Last updated 12:04 07/01/2014

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Today's drop in fuel prices is appropriate, given questionable increases last week, the Automobile Association says.

Z Energy has dropped its petrol price by 2 cents a litre and diesel by 4c.

A litre of 91 octane has fallen to 217.9c and diesel to 152.9c.

Z cited the stronger New Zealand dollar and the falling cost of refined petrol and diesel on the international market as reasons for the drop.

BP said it had dropped its prices.

AA PetrolWatch spokesman Mark Stockdale questioned last week's petrol price rise of 3c a litre.

"Price cuts are appropriate," he said.

"Diesel has also been overpriced for some time, so today's 4c a litre cut was overdue."

Z Energy spokeswoman Christine Langdon said the cost of refined petrol and diesel on the international market was dropping.

Falling costs and a stronger New Zealand dollar meant Z would pass savings on to its customers, she said..

The kiwi was trading at US82.97c this morning, up from US82.16c at 5pm on Friday.

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- Fairfax Media

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