TODAY |

Petrol prices jump after attack on Saudi oil supplies

Petrol prices have jumped today as oil companies react to a drone strike on a Saudi Arabian oil refinery which has interrupted global production. 

Saturday's strike took out an estimated 5.7 million barrels of the kingdom's crude oil production per day - more than 5 per cent of the world's daily supply.

BP and Z have today both increased their petrol price by 6 cents per litre in response.

BP spokesperson Leigh Taylor said the price rise affects all its BP Connect sites.

"Following drone strikes on Saudi Arabia oil production facilities over the weekend there has been a sharp increase in the barrel price.  This has happened alongside a weakening of the New Zealand dollar.  

"The barrel price and exchange rate are two of the more significant contributors to the price of our fuel in New Zealand, and as a result there has been a 6c per litre increase in prices on all products at BP Connect sites across the country today."

The company said it would review prices every day "to ensure our pricing is as competitive as possible".

Gull say they will hold off on price increases until the end of the week. They had a 40 per cent increase in business yesterday.

Your playlist will load after this ad

Economist Cameron Bagrie discussed the economic implications of the drone strikes to a Saudi Arabia oil refinery. Source: Breakfast

Mobil told 1 NEWS it "wouldn't speculate" on price rises, while Gull has vowed not to raise prices before the end of the week.

The AA wants any increase to be spread out over the space of a few days.

Your playlist will load after this ad

International prices are already 15 per cent higher than they were before the drone attack. Source: 1 NEWS