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Price of petrol hits 30-year high

Newshub logoNewshub 6/09/2018 Katie Fitzgerald
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Petrol prices have hit a new high, averaging $2.32 for a litre of 91 octane across the country.

AA Petrol Watch spokesperson Mark Stockdale said it's the most Kiwis have ever paid for petrol nominally, although in 1985 people were paying the equivalent of $2.60 a litre in 2017 dollars.

Mr Stockdale said the price had been driven by rising oil prices internationally and will go up a further 3.5 cents per litre on October 1 when the nationwide petrol tax increases.

Stations raised prices at the pumps towards the end of August, although North Island-only outlet Gull opted to wait.

"The latest hike has resulted in the highest-ever recorded petrol price of $2.329 per litre in New Zealand," Gull pricing analyst Rohan Mehta said in a statement on August 31.

Watch: A Newshub report on regions other than Auckland considering a regional fuel tax. © Image - Getty; Video - Newshub. Watch: A Newshub report on regions other than Auckland considering a regional fuel tax. "The Auckland region will feel the effects of this latest hike even more due to the regional fuel tax pushing prices even higher."

Mr Mehta confirmed to Newshub that after a review Gull opted to raise its petrol price on the morning of September 6.

Before August the most recent price record was set in May 2018 at $2.30 per litre, before any new tax hikes were introduced.

At the time Mr Stockdale said prices were being driven up by a 16 percent rise in the price of international refined commodities due to geopolitics, all while the New Zealand dollar fell 5 cents against the USD.

Related slideshowMost expensive and cheapest countries to buy gas in 2018 (provided by Lovemoney)

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