| Regular 91 | ⇧ | 48.8 cpl | 41.2% |
| Premium 95 | ⇧ | 52.3 cpl | 41.9% |
| Premium 98 | ⇧ | 39.2 cpl | 27.6% |
| Diesel | ⇧ | 77.7 cpl | 57.2% |
Our role
The Commerce Commission (the Commission) is an independent Crown entity that administers and enforces laws relating to competition, fair trading, consumer credit and economic regulation. We have responsibilities for monitoring and regulating engine fuel markets in New Zealand under the Fuel Industry Act 2020 (the Act). The Act’s purpose is to promote competition in engine fuel markets for the long-term benefit of end users of engine fuel products.1
The Act provides that, in monitoring of the performance of the market, the Commission may analyse and summarise any information disclosed to us and publish any resulting analysis or summary.2 Information is disclosed by fuel importers, wholesale suppliers and distributors on a quarterly and/or annual basis under the Fuel Industry Regulations 2021 (the Regulations). Information disclosed relates to fixed wholesale contracts, certain financial statements, certain formulas and volumes, discounting and loyalty programmes, storage capacity, and retail sites and fuel supply.3
These quarterly monitoring reports are based on the information disclosed to us by fuel importers (ID data).4 Five companies currently import fuel into New Zealand: BP, Gull, Mobil, Timaru Oil Services Limited (TOSL), and Z Energy.5
Monitoring engine fuel markets allows for a deeper understanding of the competitive dynamics over time through observing patterns and trends. Our reports ‘shine a light’ on what is happening in the fuel markets to promote transparency and improve awareness of the factors influencing prices for consumers.
The Commission also has an enforcement role in relation to the obligations on fuel industry participants under the Act.6 We monitor compliance with the requirements of the Act and, if we have concerns about potential non-compliance, we may investigate further.
All Quarterly Fuel Monitoring Reports up to the quarter ending 31 March 2025 used importer cost data published by the Ministry of Business, Innovation and Employment (MBIE).7 For reports from the quarter ending 30 June 2025, we use a revised importer cost model. As a result, references to “importer costs” in future reports will no longer reference MBIE as a source. The biggest difference between our approach and MBIE’s is the inclusion of the costs of operating fuel terminals. For a detailed explanation of the differences between MBIE’s importer costs and our own, please refer to the accompanying explanatory note.
The wholesale fuel market
Importers and wholesale suppliers sell fuel to wholesale customers (including distributors, dealers, other importers and commercial end users) as well as retail customers.8 Fuel sales in the wholesale market are usually made through fixed wholesale contracts, although there is an opportunity for wholesale customers, under certain circumstances, to purchase fuel on an ad hoc basis using a spot price or an importer’s published terminal gate price (TGP) for the relevant terminal.
The Act introduced a number of requirements for fuel industry participants, including conditions regarding TGPs and fixed wholesale contract terms. As prescribed in the Act, from July 2023, TGPs may be subject to price regulation.9
We present the information disclosed to us by the different types of wholesale customer, particularly focussing on sales to distributors and dealers rather than on sale type (ie, contract or ad hoc sales).10 Prices, costs, and margins are the average for the quarter of data presented (usually a national average, weighted by volume sold). Wholesale prices include handling and delivery costs but exclude all other taxes and charges, to enable a simpler comparison with importer costs.11
Wholesale price changes from March 2026 to June 2026
| Regular 91 | Premium 95 | Premium 98 | Diesel | |
|---|---|---|---|---|
| Jun 2026 | 167.2 | 177.2 | 181.2 | 213.4 |
| Mar 2026 | 118.4 | 124.9 | 142.0 | 135.7 |
| Dec 2025 | 112.4 | 120.0 | 129.5 | 116.0 |
| Sep 2025 | 108.2 | 113.9 | 126.2 | 110.8 |
| Jun 2025 | 106.4 | 113.0 | 126.2 | 104.3 |
| Mar 2025 | 117.2 | 123.1 | 137.5 | 117.8 |
| Dec 2024 | 108.6 | 118.8 | 129.4 | 108.0 |
| Sep 2024 | 114.7 | 123.9 | 132.5 | 114.0 |
Source: Commerce Commission.
Note: Wholesale prices are for fixed wholesale contracts only. TOSL is excluded to be consistent with other parts of the report.
Wholesale prices and components
Breakdowns of the components of contracted wholesale prices and trends over time are shown in figures 1 to 3.
Source: Commerce Commission.
Note: Numbers may not add up due to rounding.
Source: Commerce Commission.
Note: Numbers may not add up due to rounding.
Source: Commerce Commission.
Note: Numbers may not add up due to rounding.
Wholesale margins are a useful metric to monitor the performance of the wholesale market as they can act as an indicator of either increased or reduced competition. A reduced wholesale margin can indicate an increase in competition whereas increases in the margin can indicate reduced competition, assessed over the medium- to long-term. The wholesale margin is the difference between the cost to the importers of purchasing, shipping and storing fuel into New Zealand (importer costs) and the price (less taxes and charges) that importers receive for the fuel sold to wholesale customers.
| Regular 91 | ⇧ | 8.6 cpl | 154.4% |
| Premium 95 | ⇧ | 12.0 cpl | 200.4% |
| Diesel | ⇧ | 20.5 cpl | 141.9% |
Wholesale margin changes from March 2026 to June 2026
Wholesale margins by island
Prior analysis suggests North Island margins have tended to be higher and decrease over time, while South Island margins have tended to be lower and increase over time. We are adding these graphs to the wholesale section of our report to monitor these margins over time.
Source: Commerce Commission.
Source: Commerce Commission.
Wholesale customers
Below, we focus on dealers and distributors as well as multi-sourcing of fuel supply. About 80% of wholesale volumes sold by importers are to dealers and distributors. Typically, distributors are able to source their supply from more than one importer, whereas (with rare exceptions) dealers are contracted to purchase from a single supplier and have no option to source from multiple suppliers.12 Sourcing fuel from more than one supplier can promote competition as wholesale customers can negotiate with multiple suppliers, potentially giving them greater leverage to obtain lower prices. The Regulations provide that no single contract may require a reseller (other than dealers) to purchase more than 80% of their fuel requirements from any one supplier in a year.13
We monitor any supplier switching and multi-sourcing taking place over time to provide insight on the impact of the Act and Regulations on the wholesale market.
Source: Commerce Commission.
For a breakdown by different customer types (dealer, distributor, commercial end user and importer), see Table 14, Table 15, Table 16 and Table 17 for wholesale prices, and Table 18 for sales volumes.
For a breakdown of the components of the wholesale prices for dealers and distributors showing importer costs and wholesale margins, see Table 19 for Regular 91, and Table 20 for diesel.
Terminal gate pricing
The terminal gate pricing regime under the Act was introduced to work together with the wholesale contract regulations to create the conditions for a more active wholesale fuel market in New Zealand. To achieve more transparent wholesale prices, the regime requires wholesale suppliers to post a TGP for each fuel type that it has the right to draw at a bulk storage facility.14 See Attachment B for further information on the regime and our approach to monitoring TGPs.
While we have not seen a significant number of ad hoc TGP sales since monitoring commenced, the TGP regime has a role in promoting competition by providing a publicly visible reference point that is used in a portion of the importers’ wholesale contracts with their customers. The regime could also incentivise spot sales under existing contractual arrangements (rather than being formally sold under the TGP regime).
Our analytical focus is to compare TGPs with importer costs and wholesale contract prices (rather than retail prices), as any movement towards these reference points could lead to more competitive outcomes, such as lower retail prices.
Additionally, Australian TGPs are used as a reference point for what we might expect a workably competitive TGP market to look like. When comparing TGPs in Australia and New Zealand, we have removed the taxes that apply in each country to ensure a consistent comparison and have converted the Australian TGPs into New Zealand dollars.15
TGPs are the average for the quarter or month of data presented (shown as the average for the supplier or sometimes for New Zealand or Australia). The Australian TGP data covers the seven main port locations in Australia. The ‘New Zealand average range’ is the range of average TGPs by supplier as shown in Attachment B.
We use MBIE data to remove taxes and levies (including the ETS) from the terminal gate prices to make them comparable with importer cost and Australian TGPs.
Source: Commerce Commission; MBIE; Australian importer websites; Australian Institute of Petroleum.
Source: Commerce Commission; MBIE; Australian importer websites; Australian Institute of Petroleum.
Source: Commerce Commission; MBIE; Australian importer websites; Australian Institute of Petroleum.
The retail fuel market
In this chapter we review competition in the retail market, summarising trends in retail fuel prices as well as importer costs and margins. Our analysis for these quarterly monitoring reports is based on the information disclosed to us by fuel importers (ID data).16 That means our analysis of retail sites is confined to those sites that are operated or owned by importers and does not include independent operators, such as NPD or Waitomo. The five companies that currently import fuel into New Zealand are BP, Gull, Mobil, TOSL, and Z Energy.17
Prices, costs, discounts and margins are the average for the quarter of data presented (usually a national average, although the price variation analysis by cities uses city averages).
We present average prices or discounts weighted by volumes sold. This reflects the prices consumers actually paid and the market share of each importer, as well as the magnitude of their effect on the average prices and discounts.18
| Regular 91 | ⇧ | 53.0 cpl | 19.6% |
| Premium 95 | ⇧ | 55.7 cpl | 19.5% |
| Premium 98 | ⇧ | 55.4 cpl | 18.3% |
| Diesel | ⇧ | 99.8 cpl | 45.6% |
Retail price changes from March 2026 to June 2026
Retail prices and components
Breakdowns of the components of the retail board price and trends over time are shown in Figure 10 to Figure 12 below.19
Source: Commerce Commission.
Note: Numbers may not add up due to rounding.
Source: Commerce Commission.
Note: Numbers may not add up due to rounding.
Source: Commerce Commission.
Note: Numbers may not add up due to rounding.
The importer margin is the difference between the retail board price (less taxes and any discounts) and an importer’s cost to purchase, land and store fuel in New Zealand. Details of the importer cost model can be found in the explanatory note to the quarterly report
| Regular 91 | ⇧ | 8.3 cpl | 32.3% |
| Premium 95 | ⇧ | 11.6 cpl | 36.0% |
| Diesel | ⇧ | 37.0 cpl | 1360.6% |
Importer margin changes from March 2026 to June 2026
Discount and loyalty programmes
We monitor discounting practices, as discount and loyalty programmes can soften board price competition. Their use can create ‘customer stickiness’ to a brand and can focus consumer attention on the level of discount offered, rather than on the actual price paid for fuel. This may reduce the likelihood that a consumer will shop around for the best deal. The resulting lack of mobility could have a negative impact on competition and limit the benefits to consumers.
A number of importers offer discount and loyalty programmes, which provide discounts off retail board prices using both loyalty cards (eg Everyday Rewards programme), supermarket dockets as well as apps promoted by fuel wholesalers. The average level of discounts for each quarter is estimated using information disclosed to us, including revenue, volumes sold and retail board prices.
Source: Commerce Commission.
Note: These average prices and discounts are not weighted by volumes sold.
Retail price variation in New Zealand
Retail price variation is calculated as the daily difference between the most and the least expensive site for each fuel type in a city, averaged over the quarter. The retail prices include the average discount for that fuel type. ‘Premium’ includes sales of both Premium 95 and Premium 98.
Source: Commerce Commission.
Note: Results may vary slightly from past reports following improvements to how we collect and apply location data.
Attachment A: New Zealand’s fuel supply chain
Figure 15 below shows New Zealand’s fuel supply chain and fuel industry participants from transporting and importing fuel into New Zealand to the wholesale, distribution and retail stages.
Note: This is a representation of the petrol and diesel supply chain in NZ and shows examples of the facilities and brands operated in NZ.
Attachment B: The terminal gate pricing regime
The TGP regime was introduced to:
- allow the potential for a liquid wholesale spot market to develop,
- reduce barriers to entry and expansion for both importers and distributors,
- provide greater pricing transparency for wholesale customers, to rebalance bargaining power and increase the likelihood of switching,
- provide transparent benchmark information for industry and government to reveal any use of market power in regions where importer competition is weak.20
The wholesale supplier must supply wholesale customers with their requested volumes at the supplier’s TGP, unless the wholesale supplier has reasonable grounds to refuse to supply.21 The price payable by the reseller must not exceed the TGP posted at the time of the request. Terminal gate pricing currently only applies to regular grade petrol (Regular 91), premium grade petrol (Premium 95) and diesel.22
Our approach to monitoring TGPs
Over the last quarter, we have continued to monitor and compare the TGPs offered by each importer at the different terminal locations around New Zealand. We are building a picture of performance as more data becomes available over time.
In our analysis of TGP levels in New Zealand, we currently use several reference points to provide an indication of whether TGPs are at a level we would expect to see in a workably competitive market. These include:
- importer costs (the cost of importing fuel into New Zealand),
- fixed wholesale contract prices,
- retail prices,
- TGPs in Australia (noting that Australia has a more mature regime with greater terminal competition).
In our view, these provide useful and relevant points of reference and shed light on the progress of New Zealand’s TGP regime for the following reasons:
- Importer costs: the costs of supplying fuel at the terminal gate are comprised of a number of components, including the cost of importing fuel into the port at which the terminal is located, as well as the costs associated with building and operating the terminal facility. For the purposes of our monitoring, we have used our own cost build up model. Please refer to the explanatory note to quarterly report for details.
- Fixed wholesale contract prices: wholesale contract prices are another reference point for TGP analysis. While these prices are based on similar costs to TGPs for the importers, wholesale contracts assure supply and, therefore, wholesale contract prices are lower than TGPs on average, as we would expect. However, the difference between wholesale contract prices and TGPs (the TGP premium) in New Zealand is larger than what is observed in Australia. Wholesale contract prices and TGPs in Australia are much closer than those in New Zealand.
- Retail prices: a comparison of TGPs with retail prices may reveal whether TGPs leave sufficient margin from retail board prices for an efficient competitor to compete.
- TGPs in Australia: we have also compared TGPs in New Zealand with TGPs in Australia, where there is a more mature TGP regime and greater terminal competition. As discussed below, we have made a number of adjustments when comparing TGPs in Australia and New Zealand, to take into account differences in taxes in each country.23
TGPs set at levels that are closer to importer costs and wholesale contract prices are likely to enable TGPs to be a more viable option for potential purchasers of fuel. This encourages greater competition in the wholesale market.
TGPs by wholesale supplier
| Regular 91 (NZ cpl) |
Importer cost | Australian average | BP | Gull | Mobil | Z | Tasman Fuels |
|---|---|---|---|---|---|---|---|
| Jun 2026 | 151.3 | 169.4 | 177.2 | 179.0 | 184.6 | 176.2 | 180.9 |
| Mar 2026 | 115.8 | 124.2 | 135.2 | 133.2 | 135.0 | 123.3 | 131.6 |
| Dec 2025 | 98.7 | 110.1 | 126.6 | 119.5 | 127.5 | 118.0 | 123.9 |
| Sep 2025 | 96.9 | 106.4 | 122.4 | 115.8 | 124.5 | 113.9 | 120.9 |
| Jun 2025 | 94.6 | 101.8 | 120.5 | 105.7 | 122.1 | 112.4 | 119.5 |
| Mar 2025 | 106.0 | 112.6 | 131.7 | 124.2 | 133.1 | 122.1 | 130.1 |
| Dec 2024 | 100.4 | 107.4 | 122.8 | 118.3 | 123.0 | 111.5 | 118.3 |
| Sep 2024 | 103.3 | 111.7 | 128.1 | 132.9 | 128.8 | 116.9 | 123.5 |
| Premium 95 (NZ cpl) |
Importer cost | Australian average | BP | Gull | Mobil | Z | Tasman Fuels |
|---|---|---|---|---|---|---|---|
| Jun 2026 | 157.6 | 178.1 | 188.5 | 188.2 | 199.1 | 191.1 | 188.0 |
| Mar 2026 | 123.3 | 132.3 | 148.5 | 142.0 | 142.7 | 139.5 | 138.7 |
| Dec 2025 | 103.3 | 122.1 | 138.7 | 129.4 | 134.4 | 133.0 | 129.6 |
| Sep 2025 | 101.3 | 116.5 | 133.5 | 124.7 | 131.0 | 128.1 | 125.8 |
| Jun 2025 | 98.8 | 113.4 | 131.4 | 114.4 | 128.4 | 125.7 | 124.0 |
| Mar 2025 | 110.2 | 123.6 | 139.8 | 133.1 | 139.2 | 136.8 | 135.4 |
| Dec 2024 | 106.0 | 118.9 | 133.8 | 127.8 | 133.1 | 131.5 | 131.6 |
| Sep 2024 | 109.0 | 122.9 | 138.1 | 142.1 | 137.2 | 135.9 | 136.0 |
| Diesel (NZ cpl) |
Importer cost | Australian average | BP | Gull | Mobil | Z | Tasman Fuels |
|---|---|---|---|---|---|---|---|
| Jun 2026 | 200.9 | 218.9 | 227.8 | 228.3 | 241.0 | 231.6 | 230.9 |
| Mar 2026 | 155.2 | 143.5 | 156.7 | 150.0 | 152.6 | 146.0 | 147.3 |
| Dec 2025 | 109.6 | 115.7 | 134.3 | 127.5 | 133.1 | 128.5 | 126.6 |
| Sep 2025 | 106.9 | 111.7 | 128.9 | 122.7 | 128.0 | 122.6 | 122.9 |
| Jun 2025 | 99.8 | 104.5 | 122.8 | 111.3 | 120.9 | 117.0 | 116.6 |
| Mar 2025 | 113.5 | 118.3 | 134.0 | 129.9 | 135.0 | 129.6 | 130.1 |
| Dec 2024 | 106.7 | 109.9 | 124.7 | 119.3 | 124.0 | 119.8 | 121.0 |
| Sep 2024 | 108.3 | 113.5 | 128.7 | 133.0 | 128.8 | 124.0 | 125.4 |
New Zealand and Australian TGPs and importer costs
For our Australian comparison, we take a quarterly average of TGPs from the Australian Institute of Petroleum (AIP) for Regular 91 and diesel.24 For Premium 95, we calculate the quarterly average TGP from four Australian importer websites at the same seven terminal locations used by the AIP (Sydney, Melbourne, Brisbane, Adelaide, Darwin, Perth and Hobart). Data for the latest quarter is displayed in the shaded area.
Source: Commerce Commission; MBIE; Australian Institute of Petroleum.
Source: Commerce Commission; MBIE; Australian Institute of Petroleum.
Source: Commerce Commission; MBIE; Australian Institute of Petroleum.
Source: Commerce Commission; MBIE.
Source: Commerce Commission; MBIE.
Source: Commerce Commission; MBIE.
Attachment C: Relevant taxes, costs and levies
To ensure TGP comparisons are consistent between New Zealand and Australia and within New Zealand, we have adjusted TGPs to exclude taxes and levies in all fuel types. The tables below summarise the taxes, levies and ETS costs that we have used to adjust TGPs in both countries.
| Regular 91 | Premium 95 | Diesel | |
|---|---|---|---|
| National Land Transport Fund (NZ cpl)ᵃ | 70.02 | 70.02 | - |
| ACC levy (NZ cpl)ᵇ | 6.00 | 6.00 | - |
| Local authority fuel tax (NZ cpl)ᶜ | 0.66 | 0.66 | 0.33 |
| Petroleum or engine fuel monitoring levy (NZ cpl)ᶜ | 0.69 | 0.69 | 0.69 |
| ETS costs | MBIE estimates | MBIE estimates | MBIE estimates |
| GSTᵈ | 15% | 15% | 15% |
ᵃ The NLTF rate was reduced from 70.02 NZ cpl to 45.02 NZ cpl from 15 March 2022 to 30 June 2023.
ᵇ Paying levies if you own or drive a vehicle, ACC.
ᶜ Duties, taxes and direct levies on motor fuels in New Zealand, gazette.govt.nz.
ᵈ GST, IRD.
| Type | From | Regular 91 | Premium 95 | Diesel |
|---|---|---|---|---|
| Excise | 2026-04-01 | 20.6 AU cpl | 20.6 AU cpl | 20.6 AU cpl |
| GST | 2000-07-01 | 10% | 10% | 10% |
Excise tax taken from the Australian Bureau of Statistics.
GST from the Australian Tax Office.
We have used daily exchange rates from the Reserve Bank of New Zealand to convert Australian TGPs into New Zealand currency.25
Attachment D: Data
Importer costs
The cost of crude oil and importer costs and trends over time are shown in Figure 22. Data for the latest quarter is displayed in the shaded area.
Source: Commerce Commission; MBIE.
| Regular 91 | Importer cost | Change (NZ cpl) | Relative change (%) |
|---|---|---|---|
| Jun 2026 | 151.3 | 35.4 | 30.6 |
| Mar 2026 | 115.8 | 17.1 | 17.3 |
| Dec 2025 | 98.7 | 1.8 | 1.9 |
| Sep 2025 | 96.9 | 2.2 | 2.4 |
| Jun 2025 | 94.6 | -11.4 | -10.7 |
| Mar 2025 | 106.0 | 5.6 | 5.6 |
| Dec 2024 | 100.4 | -3.0 | -2.9 |
| Sep 2024 | 103.3 | -11.9 | -10.3 |
Source: Commerce Commission.
| Premium 95 | Importer cost | Change (NZ cpl) | Relative change (%) |
|---|---|---|---|
| Jun 2026 | 157.6 | 34.3 | 27.8 |
| Mar 2026 | 123.3 | 19.9 | 19.3 |
| Dec 2025 | 103.3 | 2.0 | 2.0 |
| Sep 2025 | 101.3 | 2.5 | 2.5 |
| Jun 2025 | 98.8 | -11.4 | -10.3 |
| Mar 2025 | 110.2 | 4.2 | 4.0 |
| Dec 2024 | 106.0 | -3.0 | -2.8 |
| Sep 2024 | 109.0 | -12.8 | -10.5 |
Source: Commerce Commission.
| Diesel | Importer cost | Change (NZ cpl) | Relative change (%) |
|---|---|---|---|
| Jun 2026 | 200.9 | 45.7 | 29.5 |
| Mar 2026 | 155.2 | 45.6 | 41.6 |
| Dec 2025 | 109.6 | 2.7 | 2.5 |
| Sep 2025 | 106.9 | 7.1 | 7.1 |
| Jun 2025 | 99.8 | -13.7 | -12.0 |
| Mar 2025 | 113.5 | 6.8 | 6.3 |
| Dec 2024 | 106.7 | -1.5 | -1.4 |
| Sep 2024 | 108.3 | -12.0 | -10.0 |
Source: Commerce Commission.
Wholesale market
| Regular 91 | Dealer | Distributor | End user | Importer |
|---|---|---|---|---|
| Jun 2026 | 180.3 | 163.7 | 175.6 | 159.0 |
| Mar 2026 | 131.2 | 113.9 | 127.5 | 113.5 |
| Dec 2025 | 123.2 | 108.1 | 119.8 | 106.6 |
| Sep 2025 | 119.0 | 105.2 | 115.5 | 99.9 |
| Jun 2025 | 117.9 | 103.1 | 113.9 | 98.2 |
| Mar 2025 | 128.0 | 113.4 | 123.0 | 109.3 |
| Dec 2024 | 119.3 | 104.4 | 115.0 | 99.5 |
| Sep 2024 | 125.3 | 110.3 | 120.7 | 107.6 |
Source: Commerce Commission.
Note: Prices include handling and delivery costs.
| Premium 95 | Dealer | Distributor | End user | Importer |
|---|---|---|---|---|
| Jun 2026 | 191.0 | 174.6 | 189.5 | 167.3 |
| Mar 2026 | 141.3 | 121.5 | 143.5 | 113.2 |
| Dec 2025 | 133.8 | 115.9 | 133.4 | 110.6 |
| Sep 2025 | 129.4 | 112.4 | 129.1 | 104.0 |
| Jun 2025 | 127.8 | 109.9 | 127.4 | 102.6 |
| Mar 2025 | 137.6 | 120.4 | 135.9 | 113.6 |
| Dec 2024 | 131.0 | 114.8 | 130.5 | 112.5 |
| Sep 2024 | 136.7 | 119.6 | 134.7 | 117.0 |
Source: Commerce Commission.
Note: Prices include handling and delivery costs.
| Premium 98 | Dealer | Distributor | End user | Importer |
|---|---|---|---|---|
| Jun 2026 | 199.9 | 184.7 | 195.8 | 168.5 |
| Mar 2026 | 157.5 | 137.9 | 140.7 | 134.8 |
| Dec 2025 | 147.9 | 130.1 | 136.9 | 117.4 |
| Sep 2025 | 142.1 | 125.4 | 135.2 | 112.9 |
| Jun 2025 | 142.8 | 123.8 | 132.9 | 108.9 |
| Mar 2025 | 151.4 | 135.0 | 141.9 | 119.3 |
| Dec 2024 | 143.7 | 128.2 | 137.2 | 115.2 |
| Sep 2024 | 148.5 | 132.9 | 140.8 | 119.2 |
Source: Commerce Commission.
Note: Prices include handling and delivery costs.
| Diesel | Dealer | Distributor | End user | Importer |
|---|---|---|---|---|
| Jun 2026 | 236.3 | 213.2 | 209.5 | 196.1 |
| Mar 2026 | 154.0 | 132.6 | 134.0 | 146.8 |
| Dec 2025 | 133.3 | 113.9 | 116.4 | 111.5 |
| Sep 2025 | 127.9 | 108.9 | 112.0 | 105.2 |
| Jun 2025 | 123.6 | 102.3 | 106.4 | 97.2 |
| Mar 2025 | 134.5 | 115.8 | 120.4 | 110.9 |
| Dec 2024 | 125.0 | 106.3 | 110.7 | 99.0 |
| Sep 2024 | 131.7 | 111.6 | 116.3 | 110.7 |
Source: Commerce Commission.
Note: Prices include handling and delivery costs.
| Dealer | Distributor | End user | Importer | Total | |
|---|---|---|---|---|---|
| Jun 2026 | 126.0 | 685.1 | 81.4 | 86.5 | 979.0 |
| Mar 2026 | 162.8 | 778.3 | 96.1 | 110.8 | 1148.0 |
| Dec 2025 | 169.5 | 782.4 | 97.2 | 101.1 | 1150.3 |
| Sep 2025 | 152.3 | 696.5 | 89.9 | 136.1 | 1074.8 |
| Jun 2025 | 155.8 | 694.9 | 92.4 | 148.7 | 1091.8 |
| Mar 2025 | 170.3 | 743.7 | 112.0 | 147.8 | 1173.9 |
| Dec 2024 | 177.5 | 760.6 | 101.1 | 145.7 | 1184.9 |
| Sep 2024 | 164.2 | 685.3 | 88.1 | 121.3 | 1059.0 |
Source: Commerce Commission.
Note: TOSL volumes have been excluded from this table to be consistent with other parts of the report.
| Regular 91 | Dealer contract price | Distributor contract price | Margin on dealer contract | Margin on distributor contract | Importer costs |
|---|---|---|---|---|---|
| Jun 2026 | 180.3 | 163.7 | 27.1 | 10.9 | 153.2 |
| Mar 2026 | 131.2 | 113.9 | 18.2 | 1.3 | 113.0 |
| Dec 2025 | 123.2 | 108.1 | 24.2 | 9.0 | 99.0 |
| Sep 2025 | 119.0 | 105.2 | 22.3 | 8.4 | 96.7 |
| Jun 2025 | 117.9 | 103.1 | 22.8 | 8.0 | 95.0 |
| Mar 2025 | 128.0 | 113.4 | 21.9 | 7.1 | 106.1 |
| Dec 2024 | 119.3 | 104.4 | 19.7 | 4.7 | 99.6 |
| Sep 2024 | 125.3 | 110.3 | 21.6 | 6.6 | 103.7 |
Source: Commerce Commission.
Note: Prices include handling and delivery costs.
| Diesel | Dealer contract price | Distributor contract price | Margin on dealer contract | Margin on distributor contract | Importer costs |
|---|---|---|---|---|---|
| Jun 2026 | 236.3 | 213.2 | 26.9 | 6.4 | 209.4 |
| Mar 2026 | 154.0 | 132.6 | 3.4 | -17.5 | 150.6 |
| Dec 2025 | 133.3 | 113.9 | 22.9 | 3.0 | 110.4 |
| Sep 2025 | 127.9 | 108.9 | 20.9 | 1.8 | 107.0 |
| Jun 2025 | 123.6 | 102.3 | 23.2 | 1.7 | 100.4 |
| Mar 2025 | 134.5 | 115.8 | 20.7 | 1.8 | 113.9 |
| Dec 2024 | 125.0 | 106.3 | 19.0 | 0.3 | 106.0 |
| Sep 2024 | 131.7 | 111.6 | 22.7 | 2.5 | 109.0 |
Source: Commerce Commission.
Note: Prices include handling and delivery costs.
Retail price variation in New Zealand
| March 2026 quarter | Regular 91 | Premium | Diesel |
|---|---|---|---|
| Auckland | 262.3 | 281.8 | 194.2 |
| Hamilton | 256.3 | 273.2 | 183.8 |
| Tauranga | 265.1 | 284.7 | 194.5 |
| Wellington | 262.5 | 282.5 | 188.7 |
| Christchurch | 262.9 | 279.2 | 189.3 |
| Rest of NZ | 263.4 | 282.5 | 192.0 |
| June 2026 quarter | Regular 91 | Premium | Diesel |
|---|---|---|---|
| Auckland | 315.3 | 337.2 | 295.4 |
| Hamilton | 310.0 | 329.7 | 282.7 |
| Tauranga | 314.6 | 336.6 | 291.9 |
| Wellington | 311.9 | 334.9 | 288.8 |
| Christchurch | 317.1 | 336.6 | 278.1 |
| Rest of NZ | 317.5 | 338.7 | 293.3 |
Source: Commerce Commission.
Note: Premium includes 95 and 98.
Results may vary slightly from past reports following improvements to how we collect and apply location data.
Attachment E: Glossary
| Term | Explanation |
|---|---|
| the Act | Fuel Industry Act 2020. |
| BP | BP Oil New Zealand Limited. |
| bulk storage facility | As defined in the Act, means a facility for the storage of 5 million litres or more of engine fuel.26 Also known as a terminal. |
| cpl | Cents per litre. |
| Commission | New Zealand Commerce Commission. |
| dealer | As defined in the Act, means a reseller that sells and supplies engine fuel through its own retail fuel sites using a brand owned by another person that is not an interconnected body corporate of the reseller. |
| diesel | As set out in the Regulations, diesel has the same meaning as in regulation 5(1)27 of the Engine Fuel Specifications Regulations 2011. Diesel (a) means a refined petroleum distillate, or other liquid hydrocarbon fuel, having a viscosity and distillation range that is intermediate between those of kerosene and light lubricating oil, whether or not it contains additives, and that is intended for use as fuel in compression-ignition internal combustion engines; and (b) includes diesel containing up to 5% bio-diesel by volume. |
| discount and loyalty programmes | As defined in the Regulations, means a recurring or ongoing programme that provides retail customers with discounts off the standard retail price, or non-fuel related benefits provided by the fuel importer or another entity, or both. |
| distributor | As defined in the Act, means a reseller that is not a dealer. |
| Dubai crude | The price of Dubai crude oil is used internationally as a price benchmark. |
| end user | As defined in the Act, in relation to engine fuel, means a person who is the ultimate consumer of that engine fuel. |
| ETS costs | Means New Zealand emissions trading scheme costs under the Climate Change Response Act 2002. |
| fixed wholesale contract | As defined in the Act, means a wholesale contract that governs,— (a) (i) for a fixed period, the wholesale price and other conditions of sale and supply of engine fuel during the period; or (ii) for a fixed amount of engine fuel, the wholesale price and other conditions of sale and supply for that engine fuel; but (b) does not include a wholesale contract for the sale and supply of engine fuel under the terminal gate pricing regime in subpart 1 of Part 2. |
| fuel | Petrol and diesel fuels (unless specified otherwise). |
| fuel industry participant | As defined in the Act, means a person that purchases, or sells and supplies, engine fuel other than as— (a) an end user; or (b) an incidental part of the hiring, leasing, or selling of motor vehicles. |
| GST | Goods and services tax. |
| Gull | Gull New Zealand (NZ) Limited. |
| importer | Refers to ‘fuel importer’ as defined in regulation 3 of the Regulations: a fuel industry participant that imports fuel into New Zealand. We use this term to refer to BP, Gull, Mobil, TOSL, and Z Energy. |
| importer cost | The cost to the importer of purchasing, landing and storing fuel into New Zealand-based terminals. |
| importer margin | The difference between the the cost to the importer of purchasing, landing and storing fuel into New Zealand-based terminals (importer costs) and the retail price of fuel at a retail service station. |
| ID | Information disclosure/information disclosed (pursuant to the Regulations). |
| market study | Commerce Commission’s 2019 retail fuel market study looking into the factors that may affect competition for the supply of retail petrol and diesel used for land transport throughout New Zealand. |
| MBIE | Ministry of Business, Innovation and Employment. |
| Mobil | Mobil Oil New Zealand Limited. |
| NLTF | National Land Transport Fund. |
| OECD | The Organisation for Economic Co-operation and Development. |
| Premium 95 | As set out in the Regulations, premium grade petrol has the same meaning as in regulation 5(1)28 of the Engine Fuel Specifications Regulations 2011. Petrol supplied as having a research octane number of 95.0 or higher. |
| Premium 98 | As set out in the Regulations, premium grade petrol has the same meaning as in regulation 5(1)29 of the Engine Fuel Specifications Regulations 2011. Petrol supplied as having a research octane number of 98.0 or higher. |
| price board | As defined in the Regulations, means a board, sign, or notice at a retail fuel site that displays the prices of types of engine fuel for retail sale at the site. |
| Regulations | Fuel Industry Regulations 2021. |
| Regular 91 | As set out in the Regulations, regular grade petrol has the same meaning as in regulation 5(1)30 of the Engine Fuel Specifications Regulations 2011. Petrol supplied as having a research octane number of at least 91.0 but less than 95.0. |
| reseller | As defined in the Act, means (a) a person that purchases, or intends to purchase, engine fuel from a wholesale supplier to sell and supply to another person; but (b) does not include a person that does so, or intends to do so, only as an incidental part of their business. |
| retail fuel site | As defined in the Act, (a) means a place at which engine fuel is sold and supplied to an end user (eg, a petrol station or a truck stop); but (b) does not include a place at which the primary business is the hiring, leasing, or selling of motor vehicles, and (c) does not include a bulk storage facility. |
| Tasman Fuels | Tasman Fuels Limited. |
| terminal gate price (TGP) | As per section 9 of the Act, a wholesale supplier must publicly post a price (terminal gate price) for each specified engine fuel that it has the right to draw at a bulk storage facility for the specified engine fuel. |
| TGP premium | The premium that a customer may pay to buy the TGP at a port against the average wholesale contract price at that port. |
| TOSL | Timaru Oil Services Limited. |
| wholesale contract | As defined in the Act, a contract between a wholesale supplier and a reseller for the sale and supply of engine fuel. |
| wholesale margin | The difference between the importer cost and the price (less taxes and charges) the importer receives for the fuel sold to a wholesale customer. |
| wholesale supplier | As defined in the Act, a person that sells and supplies engine fuel, as the whole or part of its business, to persons other than end users. |
| Z | Z Energy Limited. |
ISSN: 2816-1068
Footnotes
Sections 25 and 28 of the Act.↩︎
Part 3A of the Regulations.↩︎
See reg 3 of the Regulations: ‘Fuel importer’ is defined as a fuel industry participant that imports fuel into New Zealand.↩︎
TOSL provides exclusive supply to its related entity Tasman Fuels. TOSL is the entity that publishes TGPs. Tasman Fuels operates various retail fuel sites.↩︎
See Part 3 of the Act.↩︎
https://www.mbie.govt.nz/building-and-energy/energy-and-natural-resources/energy-statistics-and-modelling/energy-statistics/weekly-fuel-price-monitoring↩︎
Note that while the ID data we analyse for the retail market represents importers selling to retail and commercial end user customers, the wholesale market data also includes sales to other importers, distributors, and dealers. As such, retail prices cannot be directly tracked through from the wholesale chapter to the retail chapter of the report. Additionally, there can be a time lag between cost and/or pricing changes in the wholesale market being reflected in retail prices.↩︎
The Fuel industry Amendment Act 2023 came into effect on 27 July 2023, adding Part 2A “Price regulation of terminal gate prices” to the Fuel Industry Act 2020.↩︎
‘Charges’ are costs over and above the price of fuel that are payable by the wholesale customer (excluding handling and delivery costs as above).↩︎
Dealers are the individual owners of dealer retail sites that carry the brand of a single fuel firm only and are generally contractually obligated to purchase all of their fuel requirements from that single fuel firm.↩︎
Section 18 of the Act, reg 15 of the Regulations.↩︎
See Part 2, subpart 1 of the Act.↩︎
For further details of the tax adjustments, see Attachment C.↩︎
See reg 3 of the Regulations: ‘Fuel importer’ is defined as a fuel industry participant that imports fuel into New Zealand.↩︎
TOSL provides exclusive supply to its related entity, Tasman Fuels. TOSL is the entity that publishes TGPs. Tasman Fuels operates various retail fuel sites.↩︎
Note that, for this and other quarterly reports, the size of the market discussed is limited to sales made by importers. This is because, under the Regulations, other operators of retail sites (such as distributors) are not required to disclose any sales information to us on a quarterly basis.↩︎
The retail board price is the standard retail price of fuel for sale at a retail fuel site and displayed on a board, sign, or notice at the site.↩︎
Ministry of Business, Innovation and Employment “Response to the Commerce Commission’s Retail Fuel Market Study” Fuel Industry Bill” (27 February 2020).↩︎
Section 11 and 12 of the Act.↩︎
See section 8(2) of the Act. Premium 98 is excluded under clause 4 of the Regulations, as well as any diesel or petrol that contains more than 1.0% biofuel volume.↩︎
We are also interested in any evidence of other cost-related differences which could explain some of the differences in TGPs between the two countries.↩︎
Fuel Industry Act 2020, Part 1, section 4.↩︎