Gasoline prices can see additional falls in the coming weeks.
Photo: RNZ / Dan Cook
The stars aligned to reduce gasoline costs, says a fuel price tracker.
Gross oil prices fell after US President Donald Trump’s tariff policies.
“They started climbing in early April, but now we are seeing the beginning of what seems like a very sharp drop,” said Mike Newton, director of Gaspy, a site that compares prices between gas stations.
“Of course many of the impacts of what is happening to the US are yet to be seen, because much of this is speculative.”
He said several factors have come together to create the slowdown.
“They are talking about a deceleration in demand for gas because of economic uncertainty and I think it should still be done,” he said.
“At the same time, you have the growing OPEC of supplies, so it will reduce prices, and at the same time the US dollar is weakening, so it’s like a triple fat.”
Newton hoped to see prices fall even more.
“I hope this means we see 91 down to $ 2.50 in the future not far away, but it remains to know,” he said.
“I mean, everything is so uncertain in the US and all the things that reduce prices at the moment can easily turn their heads and start pushing prices back because they change their minds every day.”
He expected the decline to continue for a while.
“I think prices will still fall in the coming weeks, but by saying that I think you won’t see huge drops. I think it will slowly decrease the way.”
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