Petrol prices rise 8 cents in February

Three petrol spikes in February have seen the price of fuel increase by 8 cents over the course of February.

The average price at the moment is $2.139/litre for 91 octane petrol and $1.609/litre for diesel.

AA PetrolWatch spokeskman Mark Stockdale said there had been a rise in commodity prices, which had, in turn, led to the rise at the pumps in the local market.

Stockdale said "Opec's self-imposed production cuts, refinery shut-downs or shortages, increases in demand for certain fuel products" had led to the rise in fuel prices.

This mirrors increases in the US market, where the price of fuel has increased by 10 US cents (15 NZ cents) to US$2.44 per gallon (3.8 litres).

Industry analyst Trilby Lundberg told the Associated Press that the jump follows a rise in crude oil costs.

While there has been a steady increase over February, the average price per litre in New Zealand is still well below the record highs that were hit late last year.

In September, the national average price of fuel crept over $2.40 per litre, before dropping off again across November and December.

Prices stayed relatively stable in January, but there has now been a steady rise in prices during February.