28 Jun 2011

AA calls for bigger fuel price cuts

1:43 pm on 28 June 2011

The Automobile Association says the price of fuel should be falling further than it is.

Fuel companies BP and Z lowered the cost of 91 octane by 2 cents per litre to $2.06 and diesel by 5c per litre to $1.46 on Monday. Others followed suit.

The move comes after oil-producing nations committed to releasing an extra 60 million barrels onto the world market.

Automobile Association spokesperson Mark Stockdale told Morning Report dropping the 91 price by just 2c is not enough and

companies could drop prices by another few cents if they wanted to.

Mr Stockdale says if the price of refined fuel drops further and the New Zealand dollar remains high, there would be even more scope to cut prices.

BP spokesperson Di Papadopoulos says criticism of its prices is unwarranted and the company dropped its prices as low as it possibly could.