KEY POINTS:
Today's three cent petrol and diesel price drop is four days late, says the Automobile Association.
AA policy analyst Mark Stockdale said petrol companies could have dropped by 8 cents on the weekend, based on the international price of fuel and the New Zealand dollar.
Petrol companies dropped prices on Sunday by five cents a litre. They have followed that up with a three cent drop this morning.
Mr Stockdale said the importer's margin for fuel has since strengthened and there is "room for another few cents in price reduction".
"Our analysis indicates that they could have dropped by about five cents today," Mr Stockdale said.
Shell, Caltex, BP and Mobil have all dropped their prices to 163.9 cents per litre for 91 petrol and 100.9 cents per litre for diesel.
Gull is one cent per litre cheaper at 162.9 for 91 and 99.9 for diesel.
Gull retail business manager Graham Stirk said the cut in price has come after a drop in the price of fuel on international markets where New Zealand petrol companies buy their product.
He said the New Zealand dollar has also strengthened.
"All the good things are happening," Mr Stirk said.
Caltex spokeswoman Sharon Buckland said the drop was also due to the international price and the strengthening New Zealand dollar.
Shell spokeswoman Kylie Reeves said that while the dollar plays a part in the price of fuel, it was the drop on the international market which had caused this morning's price cut.
The New Zealand dollar fell 1 cent against the United States dollar overnight.
The Kiwi reached a week-high of around US51.90 cents at about 10pm but then fell away to S50.90 shortly before the local open.
By 8 this morning the New Zealand dollar was buying US50.98.
BP spokeswoman Diana Stretch also said the pump price drop was due to the fall in the international price.
Mobil spokesman Alan Bailey said Mobil dropped their petrol prices as a result of a drop on the overseas market and then followed with diesel this morning after competitors moved.
Shell
91: 163.9 cents per litre
95: 168.9 cents per litre
Diesel: 100.9 cents per litre
BP
91: 163.9 cents per litre
95: 169.9 cents per litre
Diesel: 100.9 cents per litre
Caltex
91: 163.9 cents per litre
95: 168.9 cents per litre
Diesel: 100.9 cents per litre
Mobil
91: 163.9 cents per litre
95: 168.9 cents per litre
Diesel: 100.9 cents per litre
Gull
91: 162.9 cents per litre
91 (biofuel mix): 161.9 cents per litre
98: 173.9 cents per litre
Diesel: 99.9 cents per litre
- NZHERALD STAFF
