Motorists are being warned not to expect any further petrol price drops following the fourth decrease in fuel prices.

Petrol prices have been cut two cents, with a litre of 91 octane now selling at $2.09, 95 octane at $2.17, and diesel at $1.46 across most major service stations.

Petrol prices fell two cents yesterday.

Prices have decreased 11 cents since the near-record highs in February.

In that period the New Zealand dollar has gained 2.7 per cent to recently trade at US86.36c, a level it has only reached once before since floating in 1985, according to reports from the New Zealand Herald.

AA spokesperson Mark Stockdale says the drop reflects lower costs of importing fuel – this time due to the rising exchange rate.

'Unlike recent pump price cuts the AA feels fuel companies have been prompt to pass on the benefit of the stronger Kiwi, except based on current imported costs (and margins) they could have cut retail process more than two cents.

'At $2.10 a litre for 91 octane, retail prices are back to where they were in January. This time year last year we were paying $2.20 a litre for 91 and $1.57 a litre for diesel.”