The first rise in global oil prices since September suggests the end of falling petrol prices, according to the Automobile Association.
Photo: AFP
Prices at the pump, which had dropped by 49 cents since October, rose yesterday by four cents, which pushed 91 octane to $1.77 and 95 to $1.86. Diesel was at $1.11.
AA PetrolWatch spokesperson Mark Stockdale said a big drop in the exchange rate and a slight increase in commodity prices were to blame.
"If that hadn't fallen then our prices wouldn't have gone up.
"The other key point is that commodity prices have just been continually falling since August. That's why we had prices dropping over the last four months and falling a total of 49 cents a litre in the case of petrol.
"Maybe that decline has been arrested, because those commodity prices have now also gone up slightly."
Mr Stockdale said petrol prices were still reasonably low despite the increase.