Rejoice! While fuel prices have yet to return to pre 2022 levels, it has freefallen down to an average of $2.70 a litre at the pumps in Auckland. 

For example, yesterday afternoon saw prices fluctuate across the country with Waitomo on Tinakori Road in Wellington charging $2.59 a litre; Caltex on Newton Road in Auckland charging $2.65; and in Christchurch, Waitomo on Fitzgerald Avenue charging $2.47.

Further drops are expected on the horizon, in part due to the crude oil stock price falling from 110USD to around 96 USD over the past week. Another factor could be the fuel tax excise, which has been extended to January.

To learn more, Trishil spoke to Economics Professor Basil Sharp about the trends and contributing factors to the fall in prices.