Petrol Prices Go Up Again
Petrol is going up in price again - this time it is Caltex’s turn to raise the price of the nation’s fuel.
From midnight tonight petrol and diesel sold by Caltex will rise by two cents a litre.
Tonight’s rise is the third in two months.
The oil company claims hikes in the price of crude oil continues to push the price of petrol higher. Crude oil is now the highest since the Gulf War in 1990.
In December 1998 crude oil cost NZ$18.64 a barrel. This month the crude barrel price has increased to NZ$38.26. Prices are also pushed up by imported fuel from Australia - New Zealand refines around 80 percent of its required fuel and imports the shortfall.
The imported petrol costs slightly more than the New Zealand refined stock.
Caltex says it cannot rule out further price increases before the end of the year.
The other petrol companies are expected to follow