Fuel prices on the increase
The price of 91 octane petrol is up around New Zealand.
The price of 91 octane petrol is up around New Zealand.
The price of 91 octane petrol is up around New Zealand.
Mobil, Caltex, BP and Z Energy have all raised their prices to $2.099 per litre – up 4 cents.
BP communications manager Di Papadopoulos said their fuel prices could alter between petrol stations. The company sets the price at 80 of their petrol stations. As the other stations – approximately 130 – are independently owned and operated, their pump prices may be higher or lower than $2.099.
The Z Energy twitter account apologised for the price increase, blaming a rise in international fuel prices. Ms Papadopoulos also attributed the rise to increasing international costs.
Spokesperson for Caltex’s New Zealand marketer Chevron, Sharon Buckland, said the recent release of the US jobless and retails sales statistics for June had affected fuel prices.
“[The statistics] are not as bad as expected, and traders have responded by anticipating an increase in demand. They’ve read that as an indication that the economic recovery in the US is starting to gain traction.”
Oil company minnow Gull's general manager Dave Bodger said that the company would hold off increasing petrol prices until at least Friday of this week. Their 17 North Island sites are charging between $1.999 and $2.049 per litre.
Figures released on Monday by the Ministry of Economic Development indicated that last Friday, the gross margin on imported petrol dropped to the lowest level since March. The petrol industry held prices down in March, following serious Christchurch earthquakes.