NZ petrol prices hits its highest price in 30 years

NZ 06/09/2018

The average price of petrol has hit a thirty year high, with a cost of $2.32 per litre of 91 octane across NZ.

AA Petrol Watch spokesperson Mark Stockdale told Newshub that it's the most Kiwis have ever paid for petrol nominally, although in 1985 people were paying the equivalent of $2.60 a litre in 2017 dollars.

Prices have been driven up by the rising international cost of oil, and will go up even further by 3.5 cents on October 1 when the nationwide petrol tax increases.

Before August the most recent price record was set in May 2018 at $2.30 per litre, before any new tax hikes were introduced.

At the time Mr Stockdale said prices were being driven up by a 16 percent rise in the price of international refined commodities due to geopolitics, all while the New Zealand dollar fell 5 cents against the USD.

Read more from Newshub's Katie Fitzgerald.