26 Jul 2008

Oil companies drop fuel prices

10:36 am on 26 July 2008

All major oil companies dropped fuel prices by 4 cents a litre on Friday, bringing the fall in petrol prices over the past 10 days to 12c a litre.

Shell, Mobil, BP and Caltex have dropped 91 octane prices to $2.06.9, while Gull Petroleum has lowered its price to $2.06.

Shell, Mobil and Caltex have reduced the cost of 95 octane petrol to $2.11.9, while BP is charging $2.12.9. The price of diesel is down to $1.83.9.

Caltex spokesperson Sharon Buckland says the price drop at reflects the fall in crude oil in trading overseas.

Shell New Zealand says the fuel price drop took effect at the pumps about 10am on Friday.

The Automobile Association expects a further fall in the price of fuel if overseas crude oil prices continue to drop.