Shell led a petrol price drop on Monday, followed closely by BP.

Both companies cut their prices by 5 cents a litre.

The cut takes Shell and BP unleaded petrol to $1.76.9 a litre.

“The price of crude oil has been steadily falling and this is continuing to flow through into the cost of refined product,” Shell spokesman Kylie Reeves said.

However, BP managing director Peter Grffiths added a note of caution to the lower price.

‘The international market is still very volatile. We will continue to monitor prices on a daily basis,” he said.

Petrol has dropped more than 40 cents since July 17.