Petrol prices drop at the pumps

Photo - NZ Herald

The country's four major petrol retailers cut the cost of fuel for the second time in a week, earlier today.

Z Energy and BP announced this morning they were dropping the price of petrol and diesel by three cents a litre, prompting Mobil and Caltex to follow suit.

Unleaded 91 is now just under $2.13 a litre, while diesel is at just under $1.55 at Z stations and $155.9 at BP stations.

Greenstone Energy last week unveiled a $35 million change of its 226 Shell service stations to its new brand name, Z.

Earlier this month motorists were stung with record petrol prices as major suppliers increased the cost of 91 octane petrol by 3 cents to 221.9c a litre.

Oil companies blamed the price of refined oil rising faster than the exchange rate, prompted by demand in the United States and West Africa.

- Newstalk ZB / NZPA / NZ Herald Online