Petrol and diesel prices as at 12 June 2020

There have been a couple of small price increases so far during June, with petrol and diesel up 2 cents per litre (cpl) on 2 June, and then another 1cpl on 12 June (and diesel 2cpl). The latest increase keeps the price of 91 octane just below the $2/litre mark – until March this year, a price threshold that had not been breached since August 2017.

As noted last month, commodity prices continue to gradually rise, although some of this has been offset by the strengthening NZ dollar. Since 22 May, when retail prices strangely fell 2cpl, the petrol commodity price has risen US$7/barrel, or a 4cpl increase in the landed cost of petrol when taking into account the 3c gain in the NZ$ in that time. The diesel commodity price has risen US$6/barrel in that 3-week period, equating to a 3cpl increase in the landed cost. So, despite the pump price rises, fuel company margins have fallen further.

Petrol and diesel prices as at 12 June 2020

Previous prices as at 22 May 2020