Average price of 91 petrol returns above $3 a litre, Z warns of bumpy road ahead
Tuesday, 30 June 2026
The average price of 91-octane petrol has inched above $3 again after falling below the psychological threshold for the first time in three months on Monday.
Price comparison site Gaspy was estimating the price just under $3.01 a litre shortly after 11am.
A spokesperson for Z Energy said during yesterday’s price dip that it was seeing some downward cost pressure in the global fuel market.
But he warned the situation in the Middle East remained volatile, with recent escalations showing how quickly things could change.
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“That means any decrease in prices is unlikely to be immediate or straightforward,” he said.
“During the conflict, we absorbed some cost increases, and at times pump prices rose more slowly than our costs. Our prices also reflect what it costs to secure the next shipment of fuel today, so we can keep supply flowing to New Zealand.”
Many analysts, including New Zealand’s AA, have voiced surprise at the speed at which the price of oil fell in response to recent de-escalations in the conflict.
The price of Brent crude for August delivery continued to trade about US$73 a barrel overnight, well down on the peak of US$126 it reached late in April.
The International Energy Agency said in a monthly report released last week that global oil production fell further to 94.5 million barrels a day (mb/d) in May, down a massive 13.6mb/d on the pre‑conflict supply.
Global oil inventories were being drawn down at an accelerated rate of 4.5mb/d during the month, it said.
But it forecast supplies from the Gulf region would climb by about 5mb/d in June to reach 15mb/d ‒ still down about 10mb/d on their pre-conflict level ‒ thanks almost equally to more tankers traversing the Strait of Hormuz and more oil finding its way out of the region via different routes.
“The situation … remains highly unpredictable, with major strains in large parts of the market and uncertainty over how the peace talks will play out,” it said.