The average price of fuel across New Zealand is $3.13 a litre for 91-octane petrol, while diesel – which has rocketed in price as the Middle East conflict strangles oil exports – is edging closer to $3 a litre, with an average price of $2.88.
Meanwhile, 95 and 98-octane fuels are selling for an average price of $3.33 and $3.50 respectively this morning, according to fuel comparison website Gaspy.
The price of diesel has risen $1.02 a litre in the past month, the fuel watchdog wrote on its website, and the cost of 91, 95 and 98 was up between 55 and 60 cents a litre over the same period, which began days before the United States and Israeli attacks on Iran sparked ongoing conflict in the Middle East.
The soaring cost has led to queues at the pumps and some fuel stations running dry, including the New World in Levin and several Gull stations in Auckland’s Avondale and North Shore yesterday.
A person who answered the phone at New World Levin this morning said there was still no fuel at the supermarket’s pumps, but a tanker was expected today.
Pak’nSave Paraparaumu had also run out of 91 late yesterday afternoon, a disappointed customer told the Herald.
“And management doesn’t know when it will get more.”
Horowhenua Mayor Bernie Wanden said he believed New World Levin was the only station out of fuel in the town yesterday.
“Every other station I drove past yesterday [was open].”
He wasn’t aware of any others running dry across the district.
“They’re definitely busier, but there doesn’t seem to be any major issues.”
Prime Minister Christopher Luxon said yesterday that the Government was preparing for the “worst-case scenario” amid uncertainty over the war’s duration, and with the closure of the Strait of Hormuz between Iran, Oman and the United Arab Emirates continuing to restrict the source of about a fifth of the world’s oil supply.
The cheapest stations for 91 petrol this morning were Tasman Fuels Milford and Pak’nSave Wairau Rd, both in Auckland, with a price of $2.92 a litre, according to Gaspy.
In the South Island, McKeown Alma 24/7 in Otago was cheapest, with 91 at $2.93 a litre, while Southland’s Mokotua Service Centre and Wellington’s Pak’nSave Petone were at $2.95 a litre, and Christchurch’s Pak’nSave Wainoni at $2.96.
The cheapest diesel in Auckland was at U-GO Newton, for $2.83 a litre, according to Gaspy.
Prices were slightly more affordable in the two other main centres, with Wellington’s cheapest diesel at Waitomo Tinakori ($2.80 per litre) and Christchurch’s at Gull South Hagley ($2.79 per litre).
Diesel was rising faster than petrol, Gaspy director Mike Newton told Ryan Bridge TODAY.
“I believe this is because it’s more difficult to produce because of how it’s refined.”
On March 3 – three days after the initial US-Israel attacks on Iran – Brent crude oil was trading around US$76 a barrel, up from around $70 a barrel before the attacks.
At that time, New Zealand’s average price for 91 petrol was $2.49 a litre, with diesel at $1.38.
Two weeks later, Brent crude oil was trading just above US$100 a barrel, and Kiwis were paying on average $3.05 for 91 and $2.70 for diesel.
Brent crude oil is trading at US$108 a barrel this morning, according to the Financial Times.
The last time New Zealand crossed the $3 threshold for 91 was in early March 2022, immediately after Russia invaded Ukraine.
Prices reached an average of $3.09 before the Government removed 25c of excise tax.