Petrol prices continue to drop

Petrol prices continue to drop

The price fell again internationally this morning, this time five per cent to US$56 a barrel as the US government lowered its global demand growth forecast again due to the slumping global economy.

Opec officials are concerned about the oil’s steep drop from record highs at over US$147 a barrel back in July, the cartel is discussing another cut in production to raise prices.

Cheaper petrol is being welcomed here in NZ with Shell, BP, Mobil and Caltex all dropping prices by 5c a litre on Monday.

The price fell again internationally this morning, this time five per cent to US$56 a barrel as the US government lowered its global demand growth forecast again due to the slumping global economy.

Opec officials are concerned about the oil’s steep drop from record highs at over US$147 a barrel back in July, the cartel is discussing another cut in production to raise prices.

Cheaper petrol is being welcomed here in NZ with Shell, BP, Mobil and Caltex all dropping prices by 5c a litre on Monday.

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