Fuel retailers across the country have yet to implement unjustified price increases amid the ongoing conflict in the Middle East, according to the Commerce Commission.

The commission has been publishing regular fuel price monitoring reports in response to the conflict and its impact on global fuel prices. The reports analyse retail fuel price movements and compare them with changes in fuel import costs.  

The latest analysis (to March 18) shows that while retail prices are still rising, retailers do not appear to be increasing prices faster than their costs. 

Refined fuel costs have stabilised at elevated levels, and national retail prices have continued to climb by around 55 cents per litre of petrol and 90 cents per litre of diesel since the start of the Iran conflict. 

“Overall, the steady pace of these increases suggests that at a national level, fuel retailers are not overreacting to spikes in costs,” ComCom said.

The commission said it will continue monitoring petrol pump prices amid higher, more volatile global wholesale prices, and will not hesitate to call out unjustified price increases.