Petrol prices are on the move but not all service stations have raised their price – yet.
The price of petrol has potentially reached an all-time high, with Z raising prices three cents per litre to just under $2.23 a litre for 91.
Diesel is also up three cents, but is some way off the 2008 record of $1.92/litre.
Petrol prices are now one cent higher than the last record, in May 2011.
Despite our high exchange rate, commodity prices continue to rise due to tighter global supply.
Since June 25, when petrol prices fell to $1.97/litre, oil prices have risen 29 per cent and refined petrol and diesel commodity prices are up 24 per cent and 20 per cent respectively.
In NZ dollars, imported petrol costs have risen 22 cents per litre (plus another 2 cents per litre in tax) and diesel 15cpl, while petrol and diesel retail prices are up 26cpl and 16cpl respectively.
While fuel companies seem to have passed on slightly more than the product cost, their importer margin (retail price less costs) has fallen in the same period, although the AA considers it is still within the normal range so there was scope to absorb further cost increases.
AA Petrol Watch manager Mark Stockdale says there is no real reason for the increase as commodity prices have not moved significantly enough to justify the price hike.
“If people are filling up they should take advantage of lower prices. It is not known yet if other companies will follow suit so take advantage of lower prices while people can,” says Mark.
Other petrol stations are yet to follow Z with Caltex holding at $2.20, BP at $2.19 and Gull at $2.14.