Chapple said the commission’s role was to monitor competition in fuel markets, not regulate or set fuel prices.
“Where we see pricing outcomes that appear inconsistent with effective competition, we investigate and report on those findings.
“More broadly, we can take enforcement action where we see misleading pricing in breach of the Fair Trading Act, or anti-competitive behaviour in breach of the Commerce Act.”
The commission put fuel retailers on notice in June to ensure lower costs are passed through to customers at the pump.
The competition watchdog said it was reasonable for businesses to adjust their prices in response to higher and more volatile global wholesale prices during the Middle East conflict.
“We expect to see decreases in global costs passed through to prices at the pump in the same way the increases have been,” it said at the time.
The average price of unleaded 91 has soared to its highest level since April, sitting around $3.41 a litre this morning, according to Gaspy.
Over the past 28 days, it’s up more than 47 cents or 16%.
Unleaded 95 has risen more than 15% over the past 28 days to $3.58.
Meanwhile, diesel is up more than 51 cents over the same period to $3.15.
In some places petrol has surpassed $4 a litre.
On Waiheke Island yesterday, unleaded 91 was $4.04 at BP.
“We understand people are feeling the cost of increased fuel prices, particularly in more isolated locations,” Chapple said.
“Unfortunately, declining demand, difficult access, and the need to recover fixed costs are particularly acute challenges for more remote locations. These are often coupled with weaker local competition, especially where there are few fuel stations.”
Brent crude was trading around US$106 ($187) a barrel overnight, up from around US$76 in early August.
Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.