Four petrol companies dropped their prices this morning, but the Automobile Association said there was still room for further falls.
Companies dropped prices by five cents a litre on Sunday, and another three cents today.
AA policy analyst Mark Stockdale said there was "room for another few cents in price reduction".
"Our analysis indicates that they could have dropped by about five cents today," Mr Stockdale told the New Zealand Herald website.
Gull led the charge, cutting diesel to $0.999 per litre, and lowering the price of regular 91 octane petrol to $1.629 per litre, regular plus 91 octane to $1.619 and 98 octane to $1.739.
Shell, Caltex and BP all dropped their prices to $1.639 per litre for 91 petrol and $1.009 per litre for diesel.
The price drop was attributed to the falling cost of refined products globally, and the steadying of the Kiwi dollar.
