5 Jul 2013

Petrol prices surge again

5:56 am on 5 July 2013

Retail petrol prices have equalled their record high and there's a warning that they could go higher.

A falling New Zealand dollar and political instability in Egypt are being blamed for New Zealand motorists paying much higher petrol prices from Thursday.

BP, Z Energy, Mobil and Caltex have raised their prices for 91 octane by 4 cents per litre to $2.23 since Wednesday, the highest increase since August 2012.

On Monday, the Government added a tax of 3 cents per litre, taking this week's total petrol price increase to 7 cents per litre.

BP spokesperson Jonty Mills said the price jump is the result of the falling New Zealand dollar combined with an increase in international petrol prices.

Mr Mills said the political unrest in Egypt has also caused world oil prices to rise.

The Automobile Association's petrol price analyst, Mark Stockdale, said the latest increases could be just the beginning.