Good news for kiwis as the price at the pump is dropping just in time for Christmas.
Oil prices have dropped four cents since Friday and now sit at $77 USD, almost 30 cents down from September.
AA Principal Policy Advisor Terry Collins told Tim Dower that the recession may be acting in our favour, combined with a lack of demand coming out of China and Europe.
He was predicting fuel prices would be closer to $3.50 than $3 three months ago, and he's glad he's wrong.
Terry Collins says he was starting to feel like the Christmas Grinch, but now he's feeling things are much better.
He predicts we'll probably see the prices drop a little further over the summer period.
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