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Home / New Zealand

Petrol prices up 5 cents - to just below all-time highs

4 Jan, 2008 04:47 AM3 mins to read

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KEY POINTS:

Rising international oil prices will hit New Zealanders at the pumps next time they fill up, with most of the major petrol companies raising petrol prices today.

The new rates were just one cent short of the record levels posted in August 2006.

Shell, BP, Mobil and Caltex
all increased their prices by 5c this afternoon bringing 91 octane to $1.75.9/litre, 95 octane to $1.80.9/l and diesel to $1.30.9/l.

Independent fuel retailer Gull - a family-owned operation with 30 petrol stations in the North Island - said it would not raise prices before noon Monday.

Winter in the Northern hemisphere, unrest in global hotspots and the release of data showing a fall in US stocks saw oil futures rise above US$100 ($131) a barrel.

The price now settled back to US$99 after hitting a new lifetime high of US$100.09 earlier in the day .

Shell spokeswoman Jackie Maitland said they lifted prices this afternoon.

She could not say whether further increases were likely.

"We review prices daily and will continue to do so...we are very conscious of what's happening internationally at this time."

AA spokesman Simon Lambourne said prices were already very high and the rise was "hitting motorists where it hurts".

"People heading home this weekend will have to pay higher prices and we're asking oil companies to be mindful of the numbers of weekend drivers."

Mr Lambourne said there was nothing New Zealanders could do about international pressures on prices.

When he telephoned petrol stations to get an update on prices Mr Lambourne discovered staff at one BP outlet would not tell him their price.

He was told he would have to drive to the station to find out.

"I was seriously annoyed," he said.

Gull general manager Dabe Bodger said the timing of price rise was "unfortunate" for holidaymakers.

"We're not going to move before lunchtime Monday, to give people a chance to fill their tanks."

Petrol at New Zealand pumps hit a record of $1.76.9 for 91 octane in August 2006.

Mr Lambourne said motorists could save themselves money by:

* Shopping around petrol companies to find the lowest price

* Using supermarket discount vouchers

* Driving vehicles suitable for the purpose - "Don't take the big SUV to buy milk from the dairy."

* Driving outside peak times so as not to waste petrol waiting in traffic

* Walking instead of driving if able

* Modifying driving techniques - easy on the accelerator and brake

* Slowing down - driving at 100km/h instead of 110km/h saves 13 per cent fuel

- NZPA

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