Oil retailers in the UK have reduced the price of petrol by about 4 cents per litre after a fall in the price of crude oil in the international markets for the first time in a month.

Retailer, Z Energy is now offering 91 octane at 222.9c while Gull is offering a discount to sell 91 octane between 199.9c a litre and 216.9c across its outlets. Petrol prices had increased to a record 226.9c a litre for 91 octane this month.

Automobile Association PetrolWatch spokesman Mark Stockdale said, "It's great after two months of price rises we're finally seeing some decreases in pump prices. Things are finally heading in the right direction. It's a culmination of a small decrease in commodity prices, which the fuel companies have been quick to pass on, and the exchange rate, which continues to rise."

The fall in the price of petrol is due to a higher New Zealand dollar, weak manufacturing data from China and slow performance by the share markets in the US yesterday. Crude oil price has fallen 1.7 per cent to about US$105.39 a barrel in New York, leading to cheaper imports for the countries.