Big four cut petrol prices

Petrol and diesel prices are easing off a 15-month high. Shell, BP, Caltex and Mobil late yesterday cut 3c a litre off both fuels.

But a claim by Shell to have led the latest round of cuts at 4pm was derided by oil industry minnow Gull, which resisted raising its prices last week and remains 4c a litre cheaper for petrol than any of the majors.

Levels were cut to 172.9c for petrol and 110.9c for diesel at Shell, BP, Mobil and Caltex outlets.

Shell said it monitored its prices daily and yesterday's cut reflected a fall in the cost of refined fuel.