Fuel prices reach record highs at the pump
Monday 12 October 2026 · 3 outlets · 3 reports · updated In this story Morning Report, New Zealand Government
Average prices for 91 octane fuel have reached $3.60 a litre, while diesel is approximately $3.23 a litre. Crude oil producers, refinery owners, and the New Zealand government are among those seeing increased profits as a result of these record costs.
Key facts
4 facts
- Average 91 fuel price is $3.60 a litre
- Average diesel price is approximately $3.23 a litre
- Eight major oil companies made over US$90 billion in three months
- New Zealand government collects 15% GST on fuel
The full story
1 min read · 3 outlets
Average prices for 91 octane fuel have reached $3.60 a litre, while diesel is approximately $3.23 a litre. Crude oil producers, refinery owners, and the New Zealand government are among those benefiting from these record high pump prices.
Energy expert and former Marsden Point refiner manager David Keat stated that crude producers are likely receiving the largest share of windfall profits. He noted that those owning oil refineries are also making extraordinary margins during this period. The New Zealand government also benefits because it collects 15% GST on the increased fuel prices.
Keat suggested that major state-owned or state-influenced companies in countries such as Saudi Arabia, the UAE, Russia, and China are making significant money. He noted that well-known companies like Mobil, BP, or Shell produce only about 12% of the world's crude oil.
Regarding global supply, Keat described a recent diesel deal between US President Donald Trump and Russia as "smoke and mirrors". He said the initial 300,000 tonnes of diesel from Russia represents about 2% of a single day's global demand.
Compiled from reports by Otago Daily Times, NZ Herald and 1News.
