ZB

Petrol prices marching up: Unleaded 91 back over $3 per litre

Author
NZ Herald,
Publish Date
Tue, 10 May 2022, 2:22pm
Prices at the pump have been on the move. Photo / 123RF
Prices at the pump have been on the move. Photo / 123RF

Petrol prices marching up: Unleaded 91 back over $3 per litre

Author
NZ Herald,
Publish Date
Tue, 10 May 2022, 2:22pm

Petrol prices are starting to creep back over the $3 mark as a falling Kiwi dollar pushes prices higher. 

The price of unleaded 91 petrol has been spotted in Auckland and Wellington at $3.09 per litre in some places. 

The Kiwi is trading today at US62.93c – a huge fall from US$70c just over a month ago. A weak currency makes imports more expensive as most are settled in US dollars. 

In Auckland, more than a dozen stations – including BP, Z and GAS – have unleaded 91 petrol at $3.09 per litre, according to fuel price app Gaspy. Premium 98 was at $3.43 at one BP station in Hauraki. 

Two Z stations on Vivian St and Taranaki St had the highest prices in Wellington for unleaded 91 petrol, also $3.09. 

According to Gaspy, the average price of unleaded 91 fuel is $2.80, up 17.96 cents or 6.84 per cent in the last month. Premium 98 is $3.15 per litre on average, up 23.75 cents or 8.15 per cent in the last month. 

The cheapest unleaded 91 fuel in the country is at the newly opened Costco Westgate in Auckland where it's $2.49. 

Terry Collins, policy director – motoring affairs at AA, said the weaker New Zealand dollar and sanctions on Russia as a result of their war on Ukraine were contributing to higher fuel prices for Kiwi motorists. 

"The biggest difficulty is that Russia is the third-largest supplier of fuel in the world and there is not enough spare capacity in the rest of the OPEC countries currently to make up for what they would take out of the market," Collins said. 

Collins said he sees prices internationally remaining over at least US$100 per barrel for the rest of the year, if not more. 

"We're going to see this prolonged impact for a while," Collins said. 

WTI Crude was trading at US$102.95 per barrel earlier this morning, and is up 49.7 per cent from June last year when it sat at $61.94. 

The price of oil per barrel spiked drastically in early March in the weeks following Russia's invasion of Ukraine. On the day before Russia's attack, WTI Crude was trading around US$91, but it hit a high of US$123.70 on March 8. 

And it's not just petrol prices rising either. According to Gaspy, the average price of diesel is up 30.83 cents or 13.7 per cent in the last month to $2.55 per litre.