Petrol prices dropped again last night, with BP leading the way.
The company announced it had cut the price of petrol and diesel by 3 cents per litre. It was the second decrease in the past three days, and the fourth price drop in three weeks at BP-owned stores.
Z Energy, the New Zealand company which owns the Shell retail network, quickly followed suit, with an immediate 3c a litre cut.
BP managing director Mike McGuinness said 91 and 95 unleaded petrol, and ultimate diesel, had now fallen 16 cents a litre since May 9.
Petrol prices at most BP-owned service stations were 91 octane unleaded 205.9 cents per litre, 95 unleaded 213.9c, ultimate diesel 148.9c.
Z Energy said its prices were 205.9c a litre for Ultra (91), 212.9 for V-Power (95) and 147.9c for diesel.
``We have been able to reduce our retail prices again tonight as a result of the New Zealand dollar continuing to strengthen against the US dollar,'' Mr McGuinness said.
``International refined fuel prices have also continued to soften.''
He said pump prices were made up of a number of factors, including the international price of petrol and diesel, the US/NZ exchange rate, and taxes and levies.
There are more than 100 independently-owned BP service stations in New Zealand, which buy their fuel off BP at a wholesale price and by law must set their own pump prices.
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