Petrol prices at record high

File photo / NZ Herald

Motorists have been stung with record petrol prices as major suppliers increased the cost of 91 octane petrol by 3 cents to 2.21.9c a litre.

The last peak was on March 22, when prices reached their highest level since July 2008.

Automobile Association petrolwatch spokesman Mark Stockdale told NZPA the increase was surprising and unjustified.

A strong New Zealand dollar against the greenback (US dollar) should be offsetting the rising oil prices and refined petrol prices, he said.

"AA believes that the companies have been premature to raise pump prices in light of our increasing exchange rate."

The kiwi dollar was buying US79.70c this morning.

But Caltex and Greenstone Energy, which owns the Shell brand, told NZPA the price of refined oil had gone up faster than the exchange rate, prompted by demand in the United States and West Africa.

- NZPA