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Petrol prices hit all-time high

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Petrol prices hit all-time high

3News NZ

An increase in the international price of crude is being used to justify the rise

An increase in the international price of crude is being used to justify the rise

By 3 News online staff / RadioLIVE

Petrol prices have reached an all-time high today with some stations increasing 91 to 222.9c a litre.

The increase is 1c above the previous high of 221.9c in May 2011.

AA spokesman Mark Stockdale says it's simply down to commodity price fluctuations.

"Not all fuel companies have increased their prices yet, so certainly we'd be urging motorists to shop around if they need to fill up, and take note of who's got lower prices."

An increase in the international price of crude is being used to justify the rise.

Z Energy was the first to hit the new high of 222.9c.

As recently as June, 91 was only 197.9c a litre. Two cents of the rise since then is due to increased fuel taxes.

"While fuel companies seem to have passed on slightly more than the product cost, their importer margin (retail price less costs) has fallen over the same period, although the AA considers it is still within the normal range so there was scope to absorb further cost increases," the AA said in a statement.

3 News / RadioLIVE

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Comments

23/08/2012 9:28:51 a.m.

Mike wrote:

Is possible the mobil set its price based on what it paid for the fuel in its tanks, while the BP set its price on what it will cost to replace the fuel in its tanks. Is possibel neither is ripping anyone off.

PS Labour is wanting our dollar to be 20% lower, but they dont tell us this would see petrol prices rise like 55 cents/ltr on current prices. Milk would also rise from around $4 for 2 ltrs to $5 from a lower dollar, as they use international prices to set the NZ price.

22/08/2012 5:09:00 p.m.

k wrote:

BP on Ngatai Road Tauranga has petrol 91 for $2.22. Down the road on Chapel Street, Mobil has it at $2.07 and has been on that for a few weeks. 1. Is mobil loosing money or is BP ripping of their valued customers? 2. Why on earth would anyone go to BP when the can get their petrol 15c cheaper down the road. Is it because they are trying to be loyal to the service station who is apparently ripping them off?

22/08/2012 1:44:30 p.m.

Matthew wrote:

Easiest way to shop for fuel prices in your area is to go to http://pricewatch.co.nz, there the average price paid at the pump by eftpos or fuel card is constantly updated.