KEY POINTS:
The price of petrol today increased 5c a litre and diesel 3c with most major suppliers but one company is holding off.
Gull Petroleum said its competitors had moved prematurely and vowed to keep its prices down for at least the weekend.
BP spokesperson Diana Stretch said the price of refined petroleum had risen from $107 a barrel to $116 over the past seven trading days.
"So I disagree with the statement that it was premature. [That amount] in just over a week is a lot."
Spokesmen for Caltex and Shell said the price had been moving up for some time.
"It's reached the point where we can't keep absorbing it. We try to hold back from passing on prices to our customers because we know nobody likes prices going up," said Caltex's Sharon Buckland.
Gull general manager Dave Bodger described the price rise as "a very short creep for a short period".
"So we want to look at that for a few more days before we make a call on it. There's no need for Gull to move today, not on a Friday."
He said changes on the international market "did not necessitate a shift of 5c right now".
"We'll look again on Monday but if it's the same, I doubt if we'll be moving."
The rise comes just 11 days after the four major companies dropped prices by 4c a litre.
Now 91 octane petrol will cost $1.60.9 at most stations with 95 octane 5c higher.
Gull's average price was around $1.55.9 in Auckland and went as low as $151.9 in Hamilton, where it is currently discounted.
- NZPA
