Petrol prices on hold at Gull stations for the weekend, after surge in demand at pumps

 Petrol prices on hold at Gull stations for the weekend, after surge in demand at pumps

 Petrol prices on hold at Gull stations for the weekend, after surge in demand at pumps

Petrol company Gull will be keeping its prices on hold this weekend despite the recent surge in demand for fuel.

The company did not lift its prices heading into the weekend, unlike most others including Waitomo and Z (which also operates Caltex).

A number of stations around the country ran out of petrol on Friday, after queues formed at many following Waitomo Group's announcement that its supplier had advised prices would increase that evening.

But reports from motorists and industry spokespeople suggested the high demand had eased on Saturday.

Gull’s retail operations manager, Mike Turner, said motorists did not need to panic as there was enough fuel in his company’s network.

While oil prices had been volatile over recent weeks, and the company planned to review its pricing over the next week, it did not plan to make any drastic shifts to prices this weekend, he said.

“There are a number of factors that could play out over the next few weeks, and uncertainty in the markets typically translates to increases at the pump.

“We want to provide as much consistency and certainty to our customers across our network, and so we will continue to look at the daily pricing and international events to achieve this.”

The large spike in demand for fuel across stations on Friday had seen pressure at some of Gull’s sites, he said

“It follows on from Covid, issues with logistics chains, and the significant increases at the pump that Kiwi motorists have seen over the last few months.

“It really isn’t that surprising to see a bit of panic buying creeping in, once Waitomo’s chairman announced that they were having to put the prices up on Friday.”

But it was important for motorists to remember that another 30 cents a litre would cost about $9 extra a tank, for 30 litres in a fill, he said. “It’s going to hurt, but it may not be worth going for a special trip to fill up.”

On Saturday morning, Gaspy showed prices in the Auckland region were between $2.89 and $3.35 a litre for 91, and between $3.13 and $3.86 a litre for 95, across multiple retailers.

In the Wellington region, they ranged between $2.94 and $3.25 for 91, and between $3.06 and $3.41 for 95. And in stations around Christchurch, prices ranged from $2.82 and $3.20 for 91, and $2.92 and $3.50 for 95.

The AA has predicted petrol could hit $4 a litre, due to sanctions on Russia for its invasion of Ukraine.