Shell and BP cut petrol price three cents

Shell cut their petrol price by three cents a litre this morning bringing the price to $1.369 for 91 petrol and 96 drops to $1.409 a litre.

Spokeswoman Jackie Maitland said the price drop was a result of a fall in the price of finished product coming into New Zealand.

The cut in price comes just three days after companies dropped their diesel price by about four cents to 98 cents a litre.

BP Oil are also dropping the price for 91 and 96 petrol by three cents a litre

Mobil also confirmed today it had dropped petrol prices three cents a litre for both 91 and 96 octane grades.

Caltex joined the other major oil companies cutting petrol prices by three cents a litre today.

Petrol prices reached record levels in September following Hurricane Katrina in the United States, hitting a peak of $1.56/litre for 91 octane, and $1.60/litre for 96.

And with supply and demand tight, experts are predicting prices will remain volatile in the medium term. |

- NZPA