Petrol prices rise again

Petrol prices rose another 3 cents today, hard on the heels of the 5c hike a week ago.

BP, Caltex, Mobil and Shell are charging $1.609-a-litre for 96-octane at the pumps and $1.559 for 91-octane.

Mobil has slapped the extra 3c on diesel as well, bringing it up to 1.049. 

Gull has yet to move.

"Our aim is to hold off as long as we can," said Gull's New Zealand regional manager Geoff Gillott.

Today a Wellington energy consultant warned a drop in oil prices was unlikely to bring down fuel prices at the pumps in a hurry.

Oil prices have fallen back to the levels seen before Hurricane Katrina disrupted US Gulf oil production and refining operations but Wellington energy consultant Richard Hale said filling up the car will not get cheaper anytime soon due to demand keeping up pressure for refined crude oil.

He said America was now buying from other markets to meet its needs, especially Singapore, which was also the chief source of New Zealand's refined fuel.

That has caused Singapore fuel prices to shoot up and BP said unless the price of refined fuel drops by around US$10 a barrel, the price at the pump is unlikely to fall.

- NZ HERALD and NEWSTALK ZB