Oil Companies Lowering Fuel Prices; Citing Global Fall in Oil PricesIn New Zealand, many Companies are reducing their petrol prices in tune with the dropping international oil prices. One such new Company is Caltex, which declared to decrease its petrol prices by 2 cents a liter.
The Shell brand possessors, BP and Greenstone also reduced the petrol prices by the same amount, as Caltex did.
Petrol is now being offered by both the Companies at $1.75.9 a liter for 91 octane and the diesel is being sold at $1.18.9 cents per liter. The price of the 95 V-Power petrol has been kept at $1.82.9 cents a liter.
Asda, a supermarket chain having 180 filling stations also dropped its petrol price by 1p, which now costs 111.9p a liter and it cut its diesel price by 2p bringing it to 114.9p a liter. The Company would keep reducing the price till the last week of the August, so as to ease consumer spending.
As revealed by the Company, its yearly spending rate was low as 4.2%, which means the Company would lose £7 of its income, every week.
Asda brought out a report, which showed that in last quarter of 2010, the UK families could experience the lowest amount of disposable income in two years.
"These are increasingly uncertain times for millions of families across the UK, and it's clear from all the data customers will need us more than ever", said Andy Clarke, Asda President and CEO.
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