Petrol prices drop 5c per litre

UPDATE - Shell has cut petrol prices 5c a litre this morning, saying this reflects a drop in world oil prices at the weekend.

It means 91 Octane petrol from 9am today will be 113.9c a litre. The price for 96 Octane is 118.9c per litre, and diesel 74.5c per litre.

Today's drop, effective at 9am, comes on top of a 2c per litre decrease in petrol prices from oil companies last week.

Shell communications manager Simon King said the decrease reflects world product prices.

"The price of oil fell US71c at the weekend to just under US$43 per barrel," he told NZPA.

Oil prices had fallen quickly in recent weeks but Mr King said it was difficult to predict if further reductions on the international market were likely.

BP and Caltex and Mobil confirmed they would also drop petrol prices by 5c a litre.
- NZPA