Petrol prices down 2c a litre

JAZIAL CROSSLEY
Last updated 14:03 19/09/2012

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Petrol prices fell at some pumps today as the New Zealand dollar continued to rise and raw material costs slumped.

Service station owners Z and BP both cut their prices 2c a litre, down to $2.179 a litre for 91 fuel and $2.259 for 95 fuel.

According to Z, the cut was enabled by a drop in international refined petrol prices.

ICE Brent Crude was at US$111.70 a barrel, down from US$112.20 yesterday and US$116.16 on Friday.

BP spokesman Jonty Mills said the cut was on the back of a reduction across refined products.

"And at the same time, the cost of product has been more than offset by the stronger New Zealand dollar that has had significant increases in the last week, that's really been the driving factor."

AA PetrolWatch spokesman Mark Stockdale said the fall reflected the increase in the exchange rate.

"It's great the price of fuel has come down. It's totally appropriate the lower cost of importing fuel is being passed on to motorists.

"There is always room for more movement so hopefully this isn't the end and they will pass on further savings in coming days as the exchange rate continues to improve."

The kiwi was at US82.65c this morning, up from US79.41c two weeks ago.

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- BusinessDay.co.nz

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