Plunging petrol price drops again

Petrol and diesel prices are at their lowest since May 2007, with Shell leading another price drop of 5c this morning.

This morning, 91 and 95 octane petrol and diesel dropped 5c a litre at Shell, with Gull, BP, Caltex and Mobil outlets following suit.

Prices at Shell are now: 91 octane 148.9c a litre, 95 octane 153.9c and diesel 120.9c.

Since July 17, petrol has dropped a total of 70c a litre, while diesel has dropped 65c since July 8.

A Shell spokesman said the price drop was due to the continued decrease in the cost of refined product.

Petrol is now the cheapest it has been since May 2007, BP said.