Petrol prices fall to a five-month low and could drop further

Kiwi motorists can at last breathe a sigh of relief as petrol prices have now fallen to a five-month low and could become even cheaper over summer.

The average price for a litre of 91 octane in New Zealand as of this morning (7 December 2023) is approximately $2.76, while 95 octane sits at $2.96, 98 octane at $3.08, and diesel at $2.19, according to fuel price finding app Gaspy.

The news goes against previous predictions that we could see 91 octane reach as high as $3.50 per litre by Christmas.

But instead of prices rising, they’re predicted to continue to fall into January thanks to the lower cost of crude oil.

Terry Collins, Principle Policy Advisor at AA, told 1News that a barrel of oil has gone down by about $20 since September.

He also said that a stronger New Zealand dollar, in addition to lower refining and shipping costs is also helping alleviate pain at the pump.