Petrol and diesel prices down again
HAMISH MCNICOL
Last updated 09:47, December 11 2014
Image: 123rf.com
FUEL SAVINGS: Petrol and diesel prices have now fallen more than 20 cents a litre since early October.
Christmas is looking good for motorists after another cut in fuel prices overnight.
All fuel grades dropped 2 cents a litre last night, meaning both petrol and diesel have now fallen more than 20c a litre since early October.
A litre of 91-octane petrol was now 197.9c and diesel 129.9c.
It was the 11th- straight cut to prices, coming just days after it dipped below the $2 mark for the first time in more than two years.
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The record for successive price cuts occurred in late 2008, when petrol dropped 12 times in a row for a total fall of 50c.
A downward trend in international commodity prices, as supply outweighs demand, has been pushing down prices, while the New Zealand dollar has also been relatively stable.
The New Zealand dollar has also been fairly constant over that time, although it has dropped about US2c in the past week, Automobile Association PetrolWatch spokesman Mark Stockdale said.
The kiwi fell half a cent yesterday, from US77.1c to US76.6c, after Fonterra cut its farm-gate milk price forecast from $5.30 a kilo of milk solids to $4.70/kg, but recovered to US77c this morning.
An industry rule of thumb suggests an US1c fall in the currency corresponds to a 1c rise in the price of fuel.
Stockdale said diesel prices were at a four-year low, and the last time petrol was this low was in June, 2012.
- Stuff.co.nz
