Motorists suffer as petrol price nudge record

HAMISH RUTHERFORD
Last updated 05:00 15/08/2012
petrol
DAVE MOORE/Fairfax NZ
SURGE: Petrol prices were now "perilously close" to a record, which typically prompted a review of driving options and habits.

Relevant offers

Money

Famous Kiwi faces who may not make the New Zealand 'Rich List' FMA tells market participants to focus on good conduct Economist predicts Brexit-like shift in attitudes towards housing Submissions close on proposed electricity pricing system changes Recap: David Jones store opening Parents with children at private schools investigated by IRD for unlawful tax rebates Hamish McIntosh fights to keep Ross Asset Management profits Ethical shopping - more consumers are driving change The Japanese 'rent men' who are paid just to listen One of the world's largest boombox collections goes to auction in Dunedin

A second increase in five days has pushed petrol "perilously close" to a record high.

Yesterday BP blamed a rise in the price of international product as it raised the pump price of regular petrol by 3 cents a litre to 219.9c at most stations in major centres.

Z Energy responded several hours later with a similar rise. Diesel prices were unchanged.

After dropping to the lowest level in more than a year in June, petrol has leapt by 22c a litre in seven weeks, and stands just 2c off the high reached in May 2011.

BP spokesman Jonty Mills said as prices neared uncharted territory it was likely demand would drop. The outlook for prices remained volatile, he said.

An Automobile Association spokesman, Mark Stockdale, said prices were now "perilously close" to a record, which typically prompted a review of driving options and habits.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content