OPEC price rises force another increase

Caltex New Zealand Ltd has increased its retail petrol prices by three cents a litre to ‘recover cost increases forced on us by OPEC price rises’ the company says.

The new price for petrol takes effect from midnight tonight but does not affect Caltex’s diesel price.

Caltex general manager sales Bruce Hollett says the major oil producing members of OPEC have increased their prices by more than 135 per cent per barrel since 1 December last year.

“We have absorbed as much of these costs as we possibly can,” he said.

Mr Hollett said Caltex was not raising the price of diesel despite it being under the same cost pressures.

“I think the fact we are holding diesel back demonstrates the market is competitive,” he said.

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