Recently, a drop was witnessed in the prices of the fuels since prices were cut by the oil companies by 3 cents per litre.
It was informed by Gull spokesman Graeme Stirk that the petrol price were cut by them by three cents to $1.64.9 for 91 octane yesterday and its 98 blend was $1.75.9.
The price of Gull’s diesel remained the same at $1.06.9 per litre. It was announced by Shell this morning that prices for both petrol and diesel by three cents a litre was being cut by it.
After the recent development, the cost of 91 petrol at Shell service stations has been reduced to$1.65.9 per litre, with 95 octane $1.70.9 and diesel $1.03.9.
According to Shell, the price drop has come to the scene due to the strengthening New Zealand dollar.
A similar move was followed by Caltex and BP after which, spokeswoman of Caltex Sharon Buckland that the step taken by the company was due to changes in the exchange rate and price of refined fuel.
Allan Bailey, spokesman of Mobil said, “The Company had not moved to change its prices yet but would review them in the light of moves by competitors.”