Petrol price follows oil's slide

Published: 1:44PM Monday July 21, 2008 Source: Newstalk ZB/Reuters/ONE News

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More good news for motorists as the major oil companies drop their petrol prices.

The price of 91 octane is now $2.10.9 a litre, 95 is $2.15.9 while diesel remains the same at $1.88.

Shell led Monday's four cent cut and was followed by all the other major companies.

The cuts flow on from a drop in the international price of crude oil, driven by slowing economic growth in the US and good weather in refinery areas.

The slide in the barrel price of oil has knocked nearly 13% off a record peak the previous week. Oil's losses were the steepest in dollar terms since futures began trading in New York in 1983 and the steepest in percentage terms since December 2004.
   
US crude settled down 41 cents at $128.88 a barrel in the fourth straight day of losses, while London Brent crude fell 88 cents to settle at $130.19 barrel.

All of the four major oil companies also dropped their petrol price by four cents per litre last week.

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