"The last time oil prices were this high, we were paying $2.20 per litre for petrol, when the Kiwi dollar was worth 82 US cents and taxes were 2 cents lower."
According to AA PetrolWatch, the imported cost of petrol rose 11 cents per litre, and diesel 7 cents, between January 18 and February 13.
"However, at the end of February the imported cost of petrol fell nearly 4 cents per litre, and diesel 2 cents, despite a reduction in the exchange rate," Mr Stockdale said.
"At current commodity prices, the fuel companies' importer margins have risen above average, so the AA would expect retailers to cut pump prices shortly."