Caltex has joined BP in raising fuel prices, claiming it was necessary to offset increases in wholesale prices.
Caltex will match the rise of 5c per litre of petrol from midnight tonight for retail outlets, but diesel will also be increased 5c, 2c higher than BP.
Manager of brands and corporate communicationsfor Caltex Niall Kramer said the cost of refined products had gone up 19 per cent for petrol and 15 per cent for diesel since the middle of February. He also said oil prices had increased 24 per cent over the same timeframe.
"We are reluctant to raise the prices but unfortunately, these are external economic forces that are beyond our control," he said in a statement.
But it would not be the last time rises would be on the cards in the near future, as Caltex planned "more regular but smaller price moves, probably on an on-going basis by region", Mr Kramer said.
BP announced yesterday it was raising petrol prices 5c and diesel prices 3c. However, managing director Peter Griffiths said BP would drop prices back again when global oil costs dropped.
Mobil and Shell were still monitoring the situation.
