Petrol prices are dropping from record highs, with BP cutting the pump price by 3 cents a litre this morning.
The company said international product prices had been easing over the last fortnight.
The latest change takes the price of petrol at BP’s company owned sites to $2.199 a litre for regular petrol. The price of diesel was unchanged at $1.569.
There are more than 100 independent BP-Connect branded sites which by law must set their own prices, the company said.
New Zealand-owned Z Energy quickly moved to match the drop, also pointing to lower international prices, with Caltex and Mobil expected to follow.
Last week the four main petrol companies raised the price of regular petrol to $2.229, an all time high.
- © Fairfax NZ News