Petrol prices this year have skyrocketed, with the average petrol station in New Zealand pricing 91 above $3 per litre.
But, overnight, prices have dropped.
According to the Gaspy app, the cost of 91 in several locations across the country has dipped below $3 per litre, with the cheapest in Auckland being $2.81 in Manukau.
The price of 95 octane fuel has also dropped below the $3 mark at selected service stations.
Yesterday, it was announced that cuts to the fuel tax, road user charges, and public transport fares will be extended to January 2023, with Finance Minister Grant Robertson saying "we know that the rising price of fuel has a direct effect on inflation, and making these changes is a targeted approach to a root cause of the cost of living pressure being faced by Kiwi households."
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The Government's cuts, in place since March, take 25 cents a litre off the cost of petrol along with an equivalent reduction to road user charges (RUCs). The Government estimates the cut will take $11 off the price of filling a 40-litre tank, or $17 off a 60-litre tank and save public transport commuters $25 a week. Fuel has been well over $3 a litre in most parts of the country.
Minister of Finance Grant Robertson said the extension would give households "some certainty over the coming months in the face of volatile prices at the pump".
He said, "cost of living pressures are making it tough for New Zealand right now".
In May unleaded 91 got as high as $3.15 per litre in central Auckland, and in June, DRIVEN revealed that the average tank of fuel was costing Kiwis upwards of $165. This was revealed following an investigation into some of New Zealand's cheapest petrol stations.
Fuel prices have been highly volatile this year, with the uncertainty and sanctions flowing from Russia's invasion of Ukraine playing a key role.