But unpredictability remains over future fuel pricing.
Photo by Stephen Jaquiery.
Diesel and petrol prices fell yesterday as the
strengthening New Zealand dollar - near record highs against
its US counterpart - remains as a price-rise buffer for
BP dropped its prices first yesterday, by 2c, with diesel
down to $1.48.9c a litre and 91-octane fell to $2.21.9c.
The kiwi yesterday touched a new three-year high at US88.29c
and is edging closer to its post-float record, of US88.40c
which it last hit in August 2011.
BP communications manager Jonty Mills said volatility from
recent Middle East tensions had eased, prompting a decline in
international product prices, which fed through to the pump
''That's also being driven with the [New Zealand] dollar at
more than US88c at present,'' he said.
Whether there were more declines in the pump price remained
''unpredictable'', given all the components which drove the
price, he said.
Global oil prices have continued their slide from late-June
peaks, despite a sharper-than-expected drop in US crude
inventories, AFP reported.
Some analysts credited a low read on inflation in China,
pointing to slow economic growth, for the fall.
US benchmark West Texas Intermediate for August lost ground
for the ninth straight session on Wednesday, shedding $US1.11
($NZ1.26) to $US102.29 a barrel compared with Tuesday's
Brent North Sea for delivery in August fell 66c to close at
$108.28 a barrel in London trade.
The US Department of Energy said American crude inventories
tumbled 2.4 million barrels in the week ending July 4.