Average petrol prices approach post-war highs
Monday 28 September 2026 · 2 outlets · 2 reports · updated In this story Ministry of Business, Innovation and Employment, Westpac, Gaspy
The average price of 91-octane petrol has risen to just over $3.45 a litre. This follows a 51c increase over the last 28 days, bringing costs close to the peak seen in April and May during the conflict between the United States, Israel and Iran.
Key facts
4 facts
- Average 91-octane petrol price is just over $3.45 a litre
- Diesel averaged $3.19 a litre
- Government fuel subsidy for low-income families expires at the end of March
- 10-year government bond yield is 5.12%
The full story
1 min read · 2 outlets
The average price of 91-octane petrol has risen to just over $3.45 a litre. This current price is only a few cents below the $3.48 high recorded by the Ministry of Business, Innovation and Employment on 10 April. The price of 91 unleaded has increased by 51 cents in the last 28 days.
Diesel prices averaged $3.19 a litre this afternoon, which remains below the April high of over $3.80 a litre.
Rising fuel costs are contributing to global inflation concerns and rising bond rate yields. The yield on 10-year government bonds has increased to 5.12%, which is 37 basis points higher than a month ago. ANZ has forecasted two additional interest rate hikes early next year, predicting the Official Cash Rate will reach 3.5% within six months.
The Government provides a $50-a-week subsidy for low-income working families to help with fuel costs, but this is set to expire at the end of March. AA principal policy advisor Terry Collins attributed rising costs to tight oil supply, expensive shipping, and high refining costs. He also noted that hiring and insuring large crude carriers currently costs between US$1 million and US$1.2 million per day due to associated risks.
Compiled from reports by The Post and Stuff.
