A 10-week run of falling fuel prices ended in mid-May when prices rose 7c per litre, and diesel 4c. About half of the rising imported fuel costs was due to a 3c fall in the strength of the New Zealand dollar weakening against its US counterpart.
Since mid-May, prices had risen again once by a further 4c and on Monday petrol, not diesel, rises a further 3c per litre because of an increase in government taxes, AA PetrolWatch spokesman Mark Stockdale said when contacted yesterday.
''It may come as cold comfort to consumers if the commodity price stabilises, but the kiwi continues to fall,'' Mr Stockdale said.
The price of US benchmark West Texas Intermediate for delivery in August rose 18c to $US99.50 ($NZ127.56) a barrel on the New York Mercantile Exchange.
The price of European benchmark Brent crude for August delivery finished at $US101.66 a barrel, up US40c, AFP reported.
Oil has held up in recent days in contrast to some other commodities, such as copper and gold.
Bill O'Grady, chief market strategy at Confluence Investment Management, attributed oil's relative strength to the influence of OPEC and impact of the Syria conflict and the perception of supply risk.
''Energy on a relative basis has held up relatively well,'' Mr O'Grady said.
