Petrol prices get leg up from currency

DAVE BURGESS
Last updated 11:33 28/11/2013

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A weaker New Zealand dollar and stronger oil prices have been blamed for a 3-cent-a-litre increase in petrol pump prices.

BP and Z Energy confirmed it had yesterday raised fuel prices by 3c a litre across the board, taking a litre of 91-octane petrol to 214.9c a litre, and diesel to 152.9c.

BP spokesman Jonty Mills said the increase came on the back of a weaker dollar and stronger oil price.

"That has been ... a steady trend with both those components over the last two weeks," he said.

Z Energy spokeswoman Sheena Thomas said the increase was the first the company had made since August 30.

"It is quite rare for oil prices to ... track along at relatively the same rate," she said.

Automobile Association PetrolWatch spokesman Mark Stockdale did not believe the increase was an emerging trend.

"Relatively speaking things have been pretty good for the past three months," he said.

"In fact we had five price cuts in a row, and for the past seven weeks there has been absolutely no change."

That reflect stability in commodity prices and the dollar, he said.

"The AA's monitoring shows it is costing them more to import fuel than it was when they last cut prices. So they have passed that cost on ... it is just a normal fluctuation."

Gull has not increased its fuel prices.

Spokesman Dave Bodger said the company would re-evaluate that decision about lunchtime tomorrow.

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- Fairfax Media

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