All-time high near for petrol

Petrol prices are within touching distance of an all-time high, following the third increase in just over a week.

At petrol stations in Wellington, Christchurch and many parts of the country where competition is limited, the price of regular fuel is currently 2.259 a litre.

It is the highest pump price since July 2013, when petrol cost 2.269 a litre.

The latest increase appeared to be led by Z Energy, which also supplies Caltex stations, with prices rising by 3c a litre on Sunday afternoon.

Yesterday, some BP stations matched the increase in Wellington and Christchurch.

Z Energy blamed the recent increases on a fall in the value of the Kiwi dollar at the same time as the price of oil has risen.

‘‘The New Zealand dollar is at its lowest point against the United States dollar since December last year.

‘‘Brent crude oil continues to climb, the highest it’s been since November 2014, on the back of geopolitical concerns and the US quitting the Iran deal and reinstating sanctions.’’

A spokeswoman for BP said that the increases were ‘‘predominantly driven by changes in the US exchange rate, which has fallen since the start of the month, and ongoing increases in the cost of product as crude oil reached its highest price since late 2014’’.