Petrol prices surged by as much as 24 cents in Auckland over the weekend. Photo / 123rf
Petrol prices in Auckland surged as much as 24 cents over the weekend with the average price of 91 grade hitting a near-four year high as the Middle East conflict enters its third week.
It comes amid some fuel pumps running dry under increased demand, while Finance Minister Nicola Willis has urged motorists not to panic-buy.
The average price of unleaded 91 petrol in New Zealand surpassed $3 a litre today for the first time since June 2022, according to fuel tracking app Gaspy.
The average price was $2.49 just 13 days ago.
When the average price of petrol last crossed the $3 mark in June 2022, it went on to peak at $3.12.
In Auckland, the cheapest available 91 grade rose 24 cents from $2.59 on Friday to $2.83 on Monday morning.
According to Gaspy, more than 150 Auckland petrol stations, or close to two-thirds, were selling 91 for more than $3 a litre.
In Wellington, the cheapest available 91 had increased 22 cents over the weekend to $2.88.
Willis told the Herald yesterday there was about 50 days of petrol and diesel in the country, or on its way here.
“There isn’t any need to panic-buy,” she said.
“If international supplies are disrupted, the Government has a range of options open to ensure those who most need fuel continue to have access to it, but we are not yet at the point where additional action is required.”
Petrol pumps ran dry at some Gull service stations across Auckland on Saturday – the second time in three days.
At least six Gull stations were affected last Thursday after prices were cut by 14 cents a litre on discount day, prompting a surge of demand from motorists.
A spokesperson for Gull said yesterday some of its logistics providers were “struggling to meet the current 15% plus increase in demand.”
“Gull has good levels of fuel at its terminal and is working as fast as practical with our logistics’ providers to get fuel to our sites to meet Gull’s customers’ increased demand.
“It is important to highlight that there is still plenty of fuel for everyone in Auckland [and] the rest of New Zealand.”
Waitomo chief executive Simon Parham told the Herald today that one of its sites ran dry over the weekend due to terminal loading being delayed by two hours.
“Other than that, our network was continuously replenished,” Parham said.
“And we’re obviously keeping a close eye on that today.
“For the last two weeks, we have seen a sustained uptake in demand, around about 15%. So that’s been reasonably consistent.”
Parham urged Kiwis to buy normally and not hoard petrol.
“There’s plenty of product out there.
“We don’t aim to run out because you can’t sell what you don’t have. So it’s about getting product to market and keeping the market as full as possible.”
A spokesperson for Z Energy, which also operates the budget self-service fuel stations U-Go, said it was closely monitoring the rapidly evolving situation in the Middle East.
“The impacts on Z’s ability to supply our customers remain minimal.
“However, global energy markets remain highly volatile and, to the extent the situation in the Middle East remains unresolved, we can expect to see growing pressure on global fuel supply chains.”
Z Energy said it was seeing “increased demand” in some areas of its network.
“Our teams are working as quickly and safely as possible to move fuel through our network. At this stage, there is no shortage of fuel overall.”
Nelson Petroleum Distributors (NPD) chief executive Barry Sheridan said they have noticed a lift in demand over recent days amid the ongoing uncertainty in the international oil market.
“Our network is coping well and there are currently minimal issues with fuel supply,” Sheridan said.
“We have our own in-house logistics team and fleet of trucks and drivers. We continue to receive regular deliveries and have sufficient stock across our sites.”
Oil prices remain elevated as Iran continues its retaliatory attacks on its oil-producing Middle East neighbours, while the Strait of Hormuz effectively remains closed.
Brent crude oil was trading close to US$103 a barrel overnight, up from below US$70 a barrel before the conflict began.