Win Stuff - NZ Competitions: Petrol Prices Hiked To 18-month High - Win Stuff - NZ Competitions

Petrol prices are at their highest in 18 months after BP and Caltex hiked prices by 5 cents a litre -- the second price rise in a week.

The rise put the price of 91 unleaded up to $1.82.9.

Diesel prices also went up 3 cents a litre, to $1.15.9 a litre.

Shell, Mobil and Gull had not yet followed but told Radio New Zealand they were reviewing their prices.

All the major petrol companies raised their petrol prices by 5 cents a litre on March 5.

AA PetrolWatch spokesman Mark Stockdale told NZPA the weaker exchange rate was partly to blame for the price rise.

Petrol was "hitting an uncomfortable price point" and motorists would be feeling nervous after prices passed $1.80, he said.

AA PetrolWatch reported last week that retail fuel prices had remained unchanged since January 19, when they fell 3c a litre across the board.

Crude oil and refined petrol prices rose between 4 and 6 percent during February, with refined diesel up 10 percent -- reducing oil company importers' margins.

In April 2008 petrol rose at a record rate from $1.80 to $2.17.8 in July of that year.

However, that was before the recession struck, and UBS Investment Bank senior economist Robin Clements doesn't think fuel prices will rise as high this time.

I wouldn't bet on that last statement. Here's more bad news.

According to the TV One lunchtime News, petrol and electricity prices (as well as most other prices since they rely on these two) will be going up again once the silly "Carbon Tax/Credits" system comes into operation later this year. Plus of course the GST increase and the petrol tax increase (which may or may not be in Auckland only).

Bloody hell, might have to give up my job and stay home!

Time to buy a Prius to save petrol?

Oh ....... wait ....

This post has been edited by mspace: 11 March 2010 - 12:39 PM

ndependent oil company Gull is still holding off raising fuel prices after its competitors increased prices by between eight and 10 cents a litre over the space of a week

The price of a litre of 91-octane petrol is now around $1.82.9 and diesel is $1.15.9 a litre after increased demand from China and a global shortage of oil refineries.

Gull's general manager Dave Bodger says over the last two days the price of refined product has actually dropped and Gull does not want to follow the knee-jerk reaction of other oil companies and extract money from motorists.

Mr Bodger says Gull wants proof that international prices have actually risen to a new level and will review the situation tomorrow.

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Stay away from the Prius ... another item on the same lunchtime News was about an American who had the accelerator pedal of his Prius get stuck and was zooming along the motorway at 150km/h (who knew they could even go that fast!?). The brakes weren't helping and he couldn't shut the engine off or put it in neutral. He had to drive while using his cellphone to call the police, who eventually stopped him without harm.

This post has been edited by Buzz Bumble: 11 March 2010 - 05:37 PM

This is from yesterday's NZ Herald business magazine (I've highlighted the important bit) ...

Quote

We'll soon be paying $50million for a single Jelly Baby.