Why Gaspy thinks petrol prices may rise this weekend

Any impacts on the price of petrol at the pump from rising oil prices could be seen as soon as the next couple of days, price monitoring app Gaspy says.

The average price for 91 on Friday was $2.92 a litre, according to Gaspy's data, up from $2.88 the day before, when several chains offered limited-time discounts.

The price of oil has increased on the back of renewed conflict in the Middle East.

While the AA's spokesperson Terry Collins said any increase at the retail level was likely to be gradual, as oil companies replenished stocks, Gaspy spokesperson Mike Newton said there could be a lift over the weekend.

"The last couple of days have been a bit muddy because of mid-week discounts so it'll be interesting to see if we start to see something in the next couple of days… it'll be interesting to see as they're coming off the discount prices that they've had in the last couple of days. If they go above the levels that they were at prior because it can be a little bit harder for consumers to see what's happening, they think it's just a reverse of the discount."

He said oil prices had not pushed up to extreme levels again yet, still hovering around US$80 (NZ$137) a barrel.

"The crude prices at the moment are nowhere near the levels that we saw March, April, May. So if we do see some increases, hopefully they'll be a little bit tempered."

He said prices were still near the lowest they had been since early March but were a long way above where they were before that.

[ https://rnz.us6.list-manage.com/subscribe?u=211a938dcf3e634ba2427dde9&id=b4c9a30ed6 Sign up for Money with Susan Edmunds], a weekly newsletter covering all the things that affect how we make and spend money