13 Jan 2015

Petrol prices drop further

6:43 pm on 13 January 2015

Petrol station companies Z and BP have cut the price of petrol by a further four cents today for a litre of 91.

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Photo: RNZ

A spokesperson for Z says that 91 is now $1.76 and diesel is $1.09.

91 octane cost the same at BP but diesel is $1.10.

Both companies already cut 91 by two cents yesterday - about the 20th consecutive fall since October due to a 60 percent slide in Brent crude oil prices from June.

A senior economist at BNZ, Doug Steel, said based on recent crude price movement, petrol prices at the pump were likely to keep dropping.

Mr Steel believed most of the drop was being driven by an excess of supply.

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