Petrol price down 2cents

A further drop in petrol prices is being predicted following a recent two cent fall.

Economists say consumers could see further reductions but only if the already high currency gains ground.

Petrol is now selling at 216.9cents a litre for 91octane, easing 4cents since the near-record high of 220.9cents in mid-February.

Automobile Association spokesperson Mark Stockdale says retailers have enough room in their profit margins to pass on further savings.

Petrol prices fell 2cents a litre on March 22, led by BP, with no change in diesel prices.

The Automobile Association says the price cut effectively catches up on the 4 cent reduction in commodity prices nearly a month ago, with fuel companies initially only dropping prices two cents.

“However, commodity prices have fallen in the last week, with the imported cost of petrol down another cent and diesel down two cents, the AA considers there should have been a drop in the pump price of diesel too.”

The AA is calling for fuel companies to drop retail prices before the busy Easter holiday weekend.


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