Petrol prices drop 6c a litre

Four leading petrol companies dropped their fuel prices today, resulting in the lowest prices seen in New Zealand since March.

Shell led the decrease, dropping the price of petrol by 5c a litre this morning.

BP immediately dropped its prices by 6c a litre.

Shell then matched BP, lowering its prices by another cent, and was followed by Mobil and Caltex.

The companies all reduced diesel prices by 3c a litre as well.

Prices this afternoon were the same for all four companies.

The cost of unleaded 91 was set at just under $1.56 a litre, while for 95, the price was just below $1.61 a litre.

Diesel remained at just below $1.19 a litre.

Shell spokeswoman Jackie Maitland said the price drop was the fourth decrease in three weeks.

The oil supply situation was stabilising, which was helping to reduce prices, she said.