Petrol hikes bring price 1c below all-time high
Petrol prices are just over a cent off an all-time high following an overnight 3c a litre hike.
Petrol prices are just over a cent off an all-time high following an overnight 3c a litre hike.
Petrol prices are just over a cent off an all-time high following an overnight 3c a litre hike.
The price per litre of regular petrol in most main centres is now $2.199, with diesel increasing 2c to $1.569 a litre.
Caltex increased its prices last night, with Z Energy responding with a similar increase this morning.
BP followed suit today, blaming higher international product prices and a weakening Kiwi dollar.
The dollar is still relatively high, however.
The dollar fell from 82.30 cents yesterday at 5pm, to 81.84 US cents at 8am.
Retail petrol prices are now just 2c a litre below those the record high hit last May, when suppliers were under threat because of the civil war in Libya. The record pump price in NZ is $2.21.
Crude oil prices have been rising in recent months over concerns Iran may attempt to prevent supply through a key Middle East export route, but the high NZ dollar has been offsetting these rises.
Mark Stockdale, fuel spokesman for the Automobile Association, says motorists will be dubious at the hike, especially since the NZ dollar is relatively high, and likely to rise. The high exchange rate has been offsetting rising commodity prices for some time.”
The profit margins of petrol companies are healthy, Mr Stockdale says, and he says he thinks motorists will find it hard to swallow given this and the fact that the dollar is actually high.