Petrol prices highest for 18 months

AA PetrolWatch spokesman Mark Stockdale said the weaker exchange rate was partly to blame for the price rise. File photo / Peter Meecham

Petrol prices are at their highest in 18 months after BP and Caltex hiked prices by 5 cents a litre - the second price rise in a week.

The rise put the price of 91 unleaded up to 182.9c

Diesel prices also went up 3 cents a litre, to 115.9c a litre.

Shell, Mobil and Gull had not yet followed but told Radio New Zealand they were reviewing their prices.

All the major petrol companies raised their petrol prices by 5 cents a litre on March 5.

AA PetrolWatch spokesman Mark Stockdale said the weaker exchange rate was partly to blame for the price rise.

Petrol was "hitting an uncomfortable price point" and motorists would be feeling nervous after prices passed 180c, he said.

AA PetrolWatch reported last week that retail fuel prices had remained unchanged since January 19, when they fell 3c a litre across the board.

Crude oil and refined petrol prices rose between 4 and 6 per cent during February, with refined diesel up 10 per cent - reducing oil company importers' margins.

In April 2008 petrol rose at a record rate from 180c to 217.8c in July of that year.

However, that was before the recession struck, and UBS Investment Bank senior economist Robin Clements doesn't think fuel prices will rise as high this time.

- NZPA