By PATRICK GOWER
Petrol prices are pumping up to new heights after BP announced a 3c-a-litre rise from midnight last night - with other companies sure to follow suit today.
The second increase within a week leaves New Zealand drivers experiencing sharp increases in petrol prices not seen since the Gulf War or the 1970s oil crisis.
BP has raised petrol prices 3c across the board, meaning drivers in the main centres can expect to pay 102.9c for unleaded 91, 107.9c for premium unleaded and 67.5c for diesel.
Petrol prices have increased 10 times in 12 months.
Last July, unleaded 91 petrol was selling for 79.9c a litre.
The other three main oil companies - Caltex, Shell and Mobil - signalled last night that they would play follow-the-leader and raise their prices today.
BP managing director Greg Larsen said the latest rise was because of continuing increases in the cost of crude oil on the global market.
He also said prices were being hit by the weaker Kiwi dollar, the cost of refining crude oil and world shipping.
However, Automobile Association spokesman Geordie Cassin said he was "gobsmacked" by the price increase.
"Poor old motorists are left with the impression that the only competition going on in the petrol industry is competition to see who can work out who can be held in the highest public contempt," said Mr Cassin.
The need for the latest price was "marginal" considering the global oil situation.
"You've got to be pretty unimpressed by this increase, coming so hard on the heels of the last one."
Mr Cassin said it was the highest petrol price he could remember.
Caltex spokesman Bruce Hollett said the rises were not the fault of the oil companies, although he could sympathise with consumers.
"The international situation is crippling the industry. We're left with nothing."
AdvertisementAdvertise with NZME.
Latest from New Zealand
Dunedin fishing boat runs aground: Two rescued in dramatic operation
A vessel became stuck off Harington Point about 7.30am.