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Asked if the Government would look at the fuel taxes in light of the increase, Finance Minister Grant Robertson said the focus was ensuring anti-competitive behaviour was not contributing to ratcheting up the price.
Consumer New Zealand (CNZ) warned record high petrol prices could backfire on fuel companies if nothing is done to bring them down.
CNZ chief executive Sue Chetwin said fed-up motorists may simply opt for public transport, biking, or walking if filling the tank up became too expensive.
"Prices going up so strongly is not good from a consumer perspective, but it might encourage people to think differently about their transport."
Chetwin was in favour of the proposal to investigate collusion among petrol companies.
Z Energy spokeswoman Sheena Thomas told NZME the price rise was justified and largely driven by a rise in prices on the international market.
She said international increases got passed on to customers.
Z's profit margin was around 5 cents a litre, after it paid expenses such as wages and electricity.
Thomas said not much could be done to decrease the price at the pump without international prices easing.
Ken Shirley of the Road Transport Forum NZ warned prices could reach $3 a litre.
Image 1 of 20: Petrol Prices Mobil Cameron Road, Tauranga. Photo / George Novak
Image 1 of 21: Evans St 193, Timaru - Caltex. Photo / Josh McIntyre
Image 1 of 18: Gisborne. Photo / Treva Rice
There's not much you can do about fluctuating global oil prices. One thing we can address is there's quite a regional variation across New Zealand."
The so-called "Gull effect" (cheaper petrol in areas where there was a Gull petrol station) could be spread further across the country if Gull was able to get access to fuel terminals in the lower North and South Islands, he said.
Shirley criticised the Government's regional fuel tax, which will add 11.5c a litre to fuel for Auckland motorists from July 1, calling the policy "nonsense".