The price of fuel at the pump has plummeted again, as petrol stations announced the seventh price cut in recent weeks due to falling commodity prices and a strong New Zealand dollar.
Unleaded 91 petrol is now 196.9c a litre at BP service stations and Z Energy, down three cents from the last cuts on Thursday.
Motorists are now paying 22c a litre less than the $2.189c petrol rose to in May.
Petrol prices were last consistently below $2.00 a litre in late 2010.
Falling commodity prices were leading petrol station head offices to pull back on what they charge consumers, after the price of refined fuel slumped to a six-month low last week.
Brent crude was down to US$90.98 a barrel today, from US$92.33 on Thursday.
BP and Z were both charging $2.049 for premium unleaded 95 fuel. Diesel was $1.419 at BP and down to $1.409 at Z.
Family-owned Gull was still charging the lowest at $1.959 for 91, which it cut to on Thursday. It was charging $1.389 for diesel.
BP managing director Matt Elliott said such regular and consecutive price drops had not been seen in the New Zealand market since 2008. ''This latest drop is the result of a continued decline of international product prices, as well as the overall strengthening of the NZ dollar, despite it slipping back on Friday.''
- © Fairfax NZ News
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