Mobil Confirms 2 Cents A Litre Petrol Price Drop

Mobil Confirms 2 Cents A Litre Petrol Price Reduction

Mobil Oil New Zealand began reducing petrol prices at its company-operated sites by 2 cents a litre from last night, a company spokesperson confirmed today.

The decrease follows a sharp decline in the price of refined products after the recent decision of the United States Government to release some of its strategic oil reserves.

"Fresh tension in the Middle East and the reluctance of the European Union to follow the lead of the United States in releasing reserves have pushed up crude costs. But at the moment, it's the falling price of refined products that's having the greatest effect on petrol prices.

"Mobil is committed to passing on the benefits of the lower refined cost as quickly as possible," the spokesperson said.

The reduction will apply to both grades of petrol but there will be no reduction in the price of diesel because of a world-wide shortage of diesel fuel as northern hemisphere countries build up stocks for winter.

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