17 Nov 2014

Petrol $2.08/litre; more cuts possible

5:50 pm on 17 November 2014

Petrol prices continue to tumble with oil giants BP, Z Energy and Caltex announcing new cuts today.

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Photo: RNZ

All three companies have lowered the cost of petrol by two cents to $2.08, while BP dropped the cost of diesel to $1.41.

It is the seventh time in six weeks that the cost of petrol has dropped, with prices now at their lowest in 18 months.

Z Energy spokesperson Jonathan Hill said the strengthening of the New Zealand dollar balanced with declining international barrel prices allowed for the cuts.

The cuts could continue if international barrel prices stayed low and the New Zealand dollar strengthened.

"I think if we see what we're seeing in the market now, then I think there's every chance we could yet see more price cuts at the pump," Mr Hill said.

"It's great news for drivers - we are some 15 cents cheaper at the pump than we were seven weeks ago."

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