The Automobile Association says consumers can expect to pay less for fuel for at least for the next few months.
On Monday, major oil companies Shell, BP and Caltex dropped the price of 91 octane by a further 5 cents a litre to $1.43.9.
Prices have been falling steadily over the past few weeks and petrol is now 29c cheaper than at the beginning of November.
Diesel remains at $1.20.9 per litre.
The companies attribute the price drop to the continued decrease in the cost of the refined product.
Gull has also cut its petrol and diesel prices by 5c a litre.
A spokesperson for the Automobile Association, Mark Stockdale, says the lower petrol prices should hold, providing that the New Zealand dollar does also.
"We don't know where it's going to end - but the only caution is, our exchange rate could offset any further reductions if it continues to fall. Otherwise, what we need is the exchange rate to stabilise or actually go back up.
"If it goes back up, then we'll see more price reductions at the pump."