Crucial to New Zealand motorists, the transport sector and manufacturers enjoying falling prices is not only the global price but also petroleum refining costs coming down, and New Zealand dollar movements.
If the pump trend continues, retailers could see a boost to Christmas and New Year sales.
Underpinning declining crude prices was the shale gas boom in the US and weak global demand for oil in general, prompting analysts to predict prices below $US80 per barrel into the first six months of 2015.
New Zealand pump prices have fallen seven times in the past six weeks.
Craigs Investment Partners broker Peter McIntyre said predictions by the International Energy Agency that the fall below $US80 could continue into next year had ''every chance'' of being correct.
The world's third-largest economy, Japan, was now in recession, he said, and ''key risks'' remained in Europe, because of the trade sanctions being imposed on Russia.
Oil prices dipped on news Japan had slipped back into recession and scepticism that Organisation of Petroleum Exporting Countries (Opec) could reach a deal to cut output, AFP reported.
On Monday, on the New York Stock Exchange, US benchmark West Texas intermediate oil for December delivery shed US18c, to $US75.64 a barrel, while the European benchmark, North Sea Brent crude oil, for January delivery slipped US10c to $US79.31 in London.
When New Zealand petrol prices hit records above $2.25 in mid-2013, the New Zealand dollar was strong against the greenback, which produced a buffer of more than 10c against even higher prices.
Mr McIntyre said the ''wild card'' in the equation remained the kiwi, which was at present weakening against the greenback.
However, the decline in crude oil prices was greater than the kiwi's decline, giving New Zealand the benefit of cheaper fuel.
''I wouldn't be surprised to see it around the $2 [per litre] mark for Christmas,'' Mr McIntyre said.
With more ''discretionary spending'' available to consumers, the retail sector could see a boost to sales, he said.
Further price declines could threaten oil and gas exploration in some places, he said While refinery costs in the past had been touted as unduly holding up New Zealand's pump prices, Refining New Zealand's Marsden Point refinery had had millions of dollars spent on it during the past year.
''It's now far more more efficient than it was 12 months ago,'' Mr McIntyre said, noting a shutdown for maintenance during the year.
Opec was set to meet in Vienna on November 27, but despite a drop of more than 25% in oil prices since June, the cartel had been divided on whether to take action, AFP reported.
Venezuela and Ecuador have called publicly for a cut, but key member Saudi Arabia has so far signalled resistance.
''There looks to have been some pickup in Opec background discussions ahead of the group's November 27 summit,'' said Tim Evans, analyst at Citi Futures.
''But the market remains sceptical that any effective action will be taken to spark a recovery in prices.''
