Shell, BP, Caltex and Gull cut fuel prices

Petrol prices started falling at the pumps today with Shell, BP, Caltex and Gull slashing 5c a litre off petrol and 2c a litre off diesel.

Shell spokeswoman Jackie Maitland said her company dropped the price at noon and was now selling 91 octane petrol for 158.9c a litre and diesel at 98.9c a litre. The price of 95 octane petrol has dropped to 163.9c a litre.

BP managing director Peter Griffiths said the company was pleased to be able to pass on the decrease.

"The decrease is due to decreases in the international price of refined petrol and diesel," he said.

Gull dropped its prices at 2pm to 157.9c a litre for 91, 156.9c for 95 and 97.9 for diesel.

Pump prices in New Zealand are determined by the international price of refined petrol and diesel (purchased in US dollars), the US/NZ exchange rate, taxes and levies, international shipping costs and local operational costs.

The last price cut was on February 26 when both petrol and diesel dropped 3c a litre.

- NZPA