Pump prices down thanks to strong dollar, falling oil price
Petrol and diesel prices have fallen thanks to the strong New Zealand dollar and falling oil prices.
Petrol prices were cut by 2 cents per litre yesterday, and diesel prices fell by 3 cents.
That followed a rise to 73 US cents for the New Zealand dollar.
It means the standard national pump price is $1.969 per litre for regular unleaded 91, and the diesel price sits at $1.269. However there are hefty discounts in some areas, particularly the upper and central north island.
The cut in prices will be welcomed by drivers, after pump prices rose last month to their highest level since October 2015.
The fuel companies increased the price of 91 petrol four times last month, adding a total of 11 cents to the standard national pump price.
Yesterday's price cut was because of both the strong New Zealand dollar and a fall in recent days in international oil prices. There could be more cuts to come, with West Texas crude oil prices today falling below US$45 a barrel to a five-week low.
Traders were spooked by US government figures showing stockpiles of oil in the United States increased by a record 14 million barrels last week.