The average price of petrol in New Zealand has slipped below the $3 per litre threshold for the first time in more than three months, driven by a cooling in global oil markets.
According to data from fuel-tracking app Gaspy, the average price of unleaded 91 octane fuel fell to $2.99, marking a notable relief for consumers after a period of elevated costs.
The domestic price decline mirrors a broader retreat in international crude benchmarks.
Oil prices have pulled back from recent peaks as markets digest a preliminary peace agreement between the United States and Iran.
This diplomatic development has significantly reduced the perceived risk of supply disruptions in the Strait of Hormuz, a critical chokepoint for global energy flows.
The easing of geopolitical tensions has allowed the risk premium embedded in crude prices to unwind, translating into lower wholesale costs that are now filtering through to retail stations.