Price respite at the pump

New Zealand motorists are getting some respite at the pump as petrol prices ease off record highs.

Petrol stations in Wellington and Christchurch are selling 91 octane for $2.20 a litre, down from $2.49 a litre just a month ago.

The cheapest 91 octane petrol in Auckland, where a 10 cent per litre regional fuel tax exists, is $2.23 a litre at Gas station in Penrose, according to price-tracking app Gaspy. Closer to the city, at Z Energy in Ponsonby, 91 octane is selling for $2.31.

ANZ economist Miles Workman said increased oil supply in the United States and a strengthening New Zealand dollar had helped bring down the price of petrol at the pump. He said it was possible oil prices could continue to trend downwards if slow global economic growth continued.

Brent crude, the international bench mark, has fallen almost 20 per cent from about $86 a barrel on October 4 to just over $70 a barrel.

The New Zealand dollar has risen more than 2 cents against the US dollar in the past month to US67 cents.

Workman said higher fuel prices in October had affected household spending as people had less disposable income.

AA petrol spokesman Mark Stockdale said over the past three weeks the national petrol price had fallen 28 cents from a record high of $2.49 to $2.21. ‘‘It’s a pretty substantial drop in a short space of time,’’ Stockdale said. ‘‘It brings into question why prices rose as much as they did in the first place.’’

The AA calculates its ‘‘national price’’ based on Wellington and South Island prices – which tend to be higher than the upper North Island. He said the price had been falling due to reductions in the international commodity price for refined fuels.