Petrol prices reach new record high

Hikes in fuel prices have forced the cost of petrol to a record high - with two large chains upping the cost of 91-octane to $2.27 per litre today.

Both BP and Z increased the cost of their fuel by 4c. The chains also announced a rise in their diesel prices by 3c a litre.

AA's Mark Stockdale said the increases had come "much too soon''.

"The outlook wasn't good for motorists as commodity prices have been heading up.''

However, recent changes in the New Zealand dollar _ which rose in the last few days _ has left room for a possible stabilisation in fuel prices, he said.

Following the price changes from BP and Z, comparative minnow Gull announced it would keep its prices stable until after the weekend.

Mr Stockdale said the AA expected fuel companies to "wait and see'' whether the recent rise in the dollar would offset the rising commodity prices.