An oil analyst is warning that while fuel prices are cheap now, they could skyrocket to new highs over time.
Photo: RNZ
Ninety one octane petrol dropped by two cents and was now selling for $1.839 a litre at most petrol stations.
Oil analyst at Standard Chartered in London Paul Horsnell said while the low prices were good short-term relief for consumers, a lack of investment in the oil industry would hurt consumers in the long term.
Mr Horsnell said the price was too low and what eventually could happen was a series of continual price rises, similar to what happened over the past decade.
"My concern is that this feels a bit too low, it feels like too-good-a-deal in the long run."