Mobil Eastgate, in Wharf St, was targeted by two thieves wearing balaclavas and brandishing crowbars early on Sunday.
The offenders gained entry to the service station through a garage door at the rear of the property before stealing cigarettes and lighters and fleeing the scene.
Mobil Eastgate owner Robyn O'Callaghan said ongoing thefts of cigarettes made her question stocking tobacco products, but she was hamstrung as the stations needed to sell them to compete with rival outlets.
``We are cutting our own throats if we don't stock them,'' she said.
Nonetheless, she was concerned by the risk posed to staff and her businesses.
Mrs O'Callaghan also owned Mobil Forbury, in Hillside Rd, and Mobil Northgate, in Cumberland St.
Mobil Forbury was targeted by three masked men carrying a firearm and sword last year.
``You can imagine how I'm feeling,'' Mrs O'Callaghan said of the latest incident.
She was yet to establish the value of cigarettes taken during the raid.
Constable Shelley Phair, of Dunedin, said police inquiries into the theft were ongoing.
It was too early to suggest if it was linked to two ram-raids on BP services stations in Dunedin last week which also targeted tobacco.
``Cigarettes have traditionally been a target in burglaries and robberies due to the small nature of the items,'' she said.
The cost of cigarettes has risen significantly in recent years, with another 10% tax on tobacco products imposed from January 1 this year, meaning the average cost for a packet of 20 is about $23.
Police were also calling for sightings of the two men involved in the Mobil Eastgate raid.
One was wearing a T-shirt under a black hoodie, was of medium build and wearing a balaclava.
The other was of solid build, about 167cm tall, also wearing a balaclava, with a black hoodie and black jeans and carrying an empty bag. Both had crowbars.
Dunedin police (03) 471-4800, Crimestoppers 0800 555-111.
