Gull says it will keep its petrol prices stable over the weekend

Fuel company Gull confirmed today it would not increase its prices over the weekend.

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Saudi Arabia is working to restore production at its largest oil facility following a drone strike. Source: 1 NEWS

This comes after the company reviewed the market this afternoon and announced it would hold prices until Monday morning.

Oil prices increased after a drone attack on the world’s biggest oil processing plant in Saudi Arabia last weekend.

Gull general manager Dave Bodger said they would monitor prices over the weekend as they keep an eye on Singapore’s closing prices this evening.

"We understand that petrol price increases hit most Kiwis hard and we are happy we are able to hold this off for a further two days," he said.

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Principal advisor at AA, Mark Stockdale, talked to TVNZ1’s Breakfast about how the attacks could impact Kiwi motorists. Source: Breakfast

A spokesperson from Z said they would not comment on their pricing for the weekend to avoid anti-competitive price signalling.

A spokesperson from BP told 1 NEWS their prices were calculated based on how much it cost for them to buy refined oil products on a day to day basis to replace their tank's contents. They did not comment on their pricing over the weekend.

A Mobil spokesperson also told 1 NEWS its prices were affected by numerous factors like fuel product costs and would not speculate on future fuel prices due to sensitivities around price signalling.

RNZ reported Z and BP prices saw a 6 cent hike on Tuesday. The companies said the price hike was based on global oil prices, exchange rates and the cost of fuel purchase.

AA fuel analyst Mark Stockdale told TVNZ1's Breakfast it was not uncommon for fuel companies to hike prices quickly. He said international markets, including New Zealand, adjusted petrol prices according to its current value rather than the price of the product they paid for.