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All of the big oil companies today dropped their petrol and diesel prices, the day after Energy Minister Gerry Brownlee accused major the companies of being slow to react to the falling prices of crude oil.
Shell, BP, Caltex, Mobil and Gull announced a 4c a litre drop in petrol and diesel prices, taking unleaded 91 to 135.9c a litre, unleaded 95 140.9c and diesel 107.9c.
Biofuel was a further three cents cheaper.
Shell said that today's price drop was due to the falling cost of refined product, which had not declined at the same rate as crude oil.
"While the falling cost of crude oil is widely reported by the media, it is only now that we are seeing the cost of refined product decline and we can pass that saving onto our customers," a spokeswoman said.
"Even during the holiday season, Shell reviews its prices daily, and we act as quickly as we can to deliver the best price to Kiwis."
Mr Brownlee yesterday called for petrol companies not to wait until after the lucrative peak holiday driving period was over to drop prices.
He said he believed oil companies still had room to cut prices because of the low price of crude oil and the strength of the kiwi dollar.
He was suspicious oil companies were trying to get the most out of motorists on the roads during the holiday period.
"Like many consumers, I can't help but think the time for further price reductions has arrived," he said.
"I would be disappointed if the oil companies are waiting until after the holiday season and high volume sales period, before deciding to act."
BP managing director Peter Griffiths said his company also monitored international refined petrol and diesel prices daily, including in the holiday period and was "committed to passing on the benefits of lower product prices to motorists as quickly as possible".
Today's price cuts were BP's 22nd since July, with petrol falling 83c a litre in that period and diesel falling 84c. Petrol was now the cheapest it had been at the pump since December 2005.
- NZPA
