1 Aug 2008

Oil companies drop prices by 4c a litre

8:02 am on 1 August 2008

Four of the major oil companies in New Zealand have dropped their retail fuel prices by 4 cents a litre.

Shell led the way with BP, Caltex and Gull following suit on Thursday. It is the fouth price cut in the past two weeks.

The price of 91 octane petrol at Shell, BP and Caltex is now $2.02.9 per litre and 95 octane is $2.07.9 per litre. Diesel is $1.79.9 per litre.

Gull's price for unleaded 91 is $2.01.9, while diesel is $1.78.9.

US crude traded down $US2.69 on Thursday to settle at $US124.08 a barrel, erasing most of Wednesday's $US4.58 jump. London Brent crude gave up $US3.13 to $US123.98 a barrel.

Oil is down from a record high of $US147.27 on 11 July.