Fuel prices creep up towards record high, again

Friday, 10 August 2018

New Zealand Automobile Association Petrolwatch spokesman Mark Stockdale attributed the price rise at the end of July to reduced supplies coming out of Saudi Arabia.

Petrol prices are again approaching record highs across the country, following a 3 cents a litre hike on Friday morning.

Prices have risen to $2.28 at petrol stations in central Wellington and in the South Island on Friday morning. In central Auckland, where a 10 cents per litre fuel tax exists, prices have climbed to $2.39 a litre.

Caltex, Z Energy and BP sites across the Wellington region raised their price of regular 91 octane petrol as much as 3 cents a litre.

The price used in most of Wellington is what the industry refers to as the 'national' or 'main port' price, which also applies in many parts of the South Island and areas where there is no local discounting.

In May, regular petrol prices hit an all time high of $2.30 a litre in many parts of the country, driven by a rising global oil price and a weaker New Zealand dollar.

* Petrol prices around Wellington near record-high**

Petrol prices for Wellington and across the South Island are again nearing record highs.

Aucklanders have started to feel the effects of a 11.5 cent per litre regional fuel tax, which came into effect July 1.

Prices recorded on Friday at a Karangahape Road Mobil station, Z Energy station in Eden Terrace and Ponsonby had the highest prices in the country with fuel selling at $2.389 a litre.

July was an otherwise was a stable time for prices, with a 3 cent per litre increase at the end of the month ending a five-week period with no change in price.

AA's petrol pricing spokesman Mark Stockdale attributed the rise then to rising commodity prices, largely driven by a reduction to crude oil supply out of Saudi Arabia.

Z Energy and BP have been approached for comment.