Petrol prices increase by as much as 14 cents in first week of Middle East conflict

Kiwi motorists face higher petrol prices as the Middle East conflict deepens. Photo / 123rf

Petrol prices have risen as much as 14 cents a litre this week as experts warn motorists that more rises are to come as the Middle East conflict deepens.

In Auckland, the cheapest unleaded 91 petrol has increased by 11c a litre in the past four days, according to fuel tracking app Gaspy.

On Tuesday morning, Costco Fuel Westgate had the cheapest petrol at $2.20. But by lunchtime today, it was $2.32.

The cheapest available petrol in Auckland as of lunchtime today is $2.31.

In Christchurch, the most expensive unleaded 91 had increased by 14c to $2.78, while Wellingtonians have seen an 8c increase in the city’s most expensive petrol to $2.85.

At BP Wanaka, petrol hit $2.90 this week.

Meanwhile, the price of 95 octane petrol has already surpassed $3 in several places, including Wellington, the Kāpiti Coast and Wānaka.

International oil prices remain under upward pressure as traffic in the Strait of Hormuz, through which 20% of the world’s crude oil is typically transported, dries up.

Overnight, Brent crude oil surpassed the US$85 ($144.11) a barrel mark after sitting around US$70 last week.

West Texas Intermediate was trading above US$80 a barrel for the first time since January 2025.

Earlier this week, Infometrics chief forecaster Gareth Kiernan told the Herald he expected to see retail prices pushing up 20-30c over the next couple of weeks, if current international pricing was sustained.

“[Unleaded] 91 petrol prices have been sitting at just over $2.50 a litre, and so at US$80 a barrel you could be looking at prices pushing up to maybe just over $2.80 a litre.

“If it went to US$100 a barrel, then you’re pushing up to maybe around $3.27 a litre.”

Video sent to the Herald yesterday of Waitomo Tinakori petrol station in Wellington showed a queue of cars spilling out into the road as drivers waited for fuel.

Waitomo Group chief executive Simon Parham said there had been a similar increase in demand at stations across the country, with sales increasing by 10-15% this week.

“People are filling their cars ahead of the price increase that will flow through the market over the coming weeks because of the Iran conflict.

“What we’re seeing is those people who can are out there buying, and they’ve been buying all week.”

Jessica Walker, Consumer NZ’s communications and campaigns manager, said Gaspy was a good way to compare fuel prices quickly and easily between retailers.

“Once you have compared the prices in your local area, you can figure out whether it’s worth your while travelling a bit further to make savings.”