8:00 PM
Petrol companies today agreed to drop prices by 10c a litre - thanks to falling prices for crude and a firming New Zealand dollar.
The only local player in the market, Challenge, was the first to move on the pricing merry-go-round, dropping prices of both petrol and diesel by 6c a litre everywhere except Auckland.
Mobil soon followed, then BP and Caltex.
Shell then went one better, dropping prices of a litre of regular petrol in the main centres to 109.9c and super to 114.9c.
Shell Retail Manager Steve Foster said the efforts of the competition to reduce prices earlier today did not go far enough.
Challenge, Caltex, Mobil and BP appeared to agree, and said they would match the Shell price.
There have been 23 price increases since July last year, and petrol is still about 30c a litre more expensive than it was then.
Petrol cut by 10c as companies hop on the merry-go-round
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