Z have cut their petrol prices by another 2 cents as commodity prices continue to drop.

While oil prices are at six-year lows, refined prices aren't falling as rapidly and are now back at levels last seen in April, says AA spokesperson Mark Stockdale.

Fuel prices have dropped another 2 cents. Photo: File.

At that time, retail petrol prices were around $1.93/litre while the NZ$ was worth 10c more, so current retail prices are on a par with that.

'Although oil prices are falling, not all the oil is being refined into petrol or diesel,” says Mark, 'so refined commodity prices remain higher.

'They're now 56 per cent higher than oil prices, which is adding an extra 27c or so to the cost of a litre of fuel.

'Worse, if the NZ$ was worth the same today as it was this time last year, retail prices would be under $1.80/litre.”

The latest price cut follows on from a 2 cent drop on August 5.

The current prices are $202.9 for 91 Octane, $211.9 for 95 Octane and $121.9 for diesel.