Shell, Gull and BP drop prices after oil falls

Shell Gull and BP have dropped their fuel prices after a drop in the price of crude oil.

Shell dropped their prices by 4 cents a litre at mid-day today, bringing 91 to 214.9 cents, premium to 219.9 and diesel to 187.9.

Shell spokeswoman Shannon Kliendienst said the drop was a direct result of the crude oil price fall.

Crude oil in the US has dropped $10 a barrel.

"We've passed that on to customers as soon as possible," said Ms Kliendienst.

Gull general manager David Bodger said Shell "would have seen us moving".

He said his company dropped their prices by three cents at mid-day.

Gull's prices were the same as Shell's this afternoon.

BP spokeswoman Diana Stretch said the company had dropped its price based on a reduction of the cost of petrol and diesel in the Singapore market overnight.

AP reported today that two days of frenzied trading had prompted speculation that the "hard charging" market could be softening.

- NZHERALD STAFF