Mobil backs off petrol price rise

Mobil increased petrol and diesel prices by six cents today, and lowered them again within hours when other petrol companies declined to follow suit.

"It went up and went down again," Mobil spokesman Peter Thornbury said.

He presumed this was because other petrol companies did not follow Mobil's lead.

"It was what we thought was an appropriate price based on factors we consider when we make pricing decisions."

One of those factors was rising product costs, he said.

"But obviously it's a competitive market...so we adjusted our price."

Mobil prices have returned to $1.43.9 for 91, $1.48.9 for 95 and 1.03.9 for diesel.

Shell spokeswoman Jackie Maitland said Shell reviewed its prices daily, and set them independently of its competitors.

"Looking at today's prices we didn't see enough information coming through that recommended a price increase," Ms Maitland said.

- NZPA