KEY POINTS:
Prices for the most widely used grade of petrol hit $2 a litre at major petrol stations yesterday.
A display board at BP Khyber Pass Rd in Newmarket advertised 91-octane petrol at a record 200.9c a litre. Chevron-owned Caltex stations also increased the price of 91-octane to 200.9c, up 4c on the day before.
Chevron spokeswoman Sharon Buckland said the latest price hikes were a reaction to the international cost of fuel, which had risen $8 a barrel in the past two days.
Gull stations were still selling 91-octane for 195.9c yesterday. New Zealand manager David Bodger said the company would be looking at prices this morning to determine whether international prices would stay at yesterday's levels.
Shell was also resisting a price increase last night, but spokeswoman Jackie Maitland said she was not sure how long the company could hold the line.
Economists have been warning that 91-octane would break $2 since oil prices began surging last year. Early last year, 91-octane cost less than $1.40 a litre.
On Wednesday, economists warned that a litre of 91-octane could rise another 50c if the price of crude oil kept rising.
Westpac economists said if Dubai crude oil were to hit US$150 ($190) a barrel and the Kiwi dollar fell to US70c, the local price for a litre of 91-octane would be $2.48.
