Petrol pump price drops in May

Wellington, June 1 - New Zealand petrol prices fell by almost 5 per cent in May as a result of a large drop in the international price of crude oil.

Monthly figures from AA's PetrolWatch show petrol prices in most centres fell 9c per litre during May, dropping from $1.82 a litre for unleaded 91 to $1.73.

Diesel prices dropped by 5c per litre to about $1.16, depending on location.

The drop in prices came as crude oil prices fell over US$20 (NZ$29.56) a barrel during May, to under US$67.

A much greater drop in the price of petrol would have occurred had it not been for the 6c fall in the New Zealand dollar over the same period, AA PetrolWatch spokesperson Mark Stockdale said.

- NZPA