Petrol prices are just over a cent off an all-time high following an overnight 3c a litre hike.

Whole milk powder prices surged further on the back of Fonterra’s latest online auction early this morning.

Prices averaged $US3022 a tonne, up 5.7% against last month’s trading event.

This flies in the face of global analyst predictions last month that forecast a drop in the average price which has climbed about 65% since July.

However, continuing upwards movement of the New Zealand dollar against the US will dull the shine of these gains.

During last night’s trade event, prices ranged from $US2825 per tonne to $US3095 per tonne.