NZ petrol prices fall almost 30c after record highs

Petrol prices in New Zealand have dropped significantly over the last month, falling as much as 30 cents in places.

It's a relief for motorists after record highs at pumps around the country, which prompted Prime Minister Jacinda Ardern to force through an Amendment Bill to induce greater transparency in the fuel industry.

Wellington and Christchurch stations are now selling 91 octane petrol for $2.20 a litre, down from $2.49 a litre one month earlier.

The national petrol price has fallen 28 cents from $2.49 to $2.21 in the last three weeks, Stuff reports.

Auckland's cheapest 91 octane can be found in Penrose for $2.23 a litre, while a Ponsonby station is offering it for $2.31 a litre.

There are two main reasons for the price reduction: first is a strong New Zealand dollar, which has risen more than 2 cents against the US dollar in the past month.

The second is an increased supply of oil in the US, which drives petrol prices down throughout the international market.

ANZ economist Miles Workman told Stuff it's possible petrol prices will continue to drop.