Caltex petrol and diesel prices set to soar

Caltex petrol and diesel prices are set to soar from midnight tonight for commercial and industrial road users.

Caltex will put petrol up 7c a litre while diesel goes up 9c a litre.

Caltex spokeswoman Sharon Buckland said today the last 10 days had seen a steady and relentless increase in the international price of refined fuel.

The company could no longer keep absorbing that.

However BP spokeswoman Diana Stretch said it was unusual for commercial prices to rise before retail -- generally speaking it was the other way around.

With the increases over the past 10 days, BP was monitoring the situation daily.

She could not say if or when BP would raise its prices.

Ms Buckland said the international price of refined product had gone up $10 a barrel which was massive pressure on the retail price.

"We are still trying to hold the price for as long as we can for the consumer, but we have squeezed our margins to the extent where we have no choice but to raise prices for commercial and industrial users.

"However we're not making a move in the consumer arena."

Spokesmen for Shell and Mobil were unavailable for comment.

- NZPA