New Zealand petrol prices hit highest level since Middle East conflict

Petrol prices in New Zealand have surged to their highest point since the onset of the Middle East conflict, according to the fuel monitoring website Gaspy. The average price for 91-octane unleaded petrol reached NZ$3.505 (about US$1.96) per liter on Monday, slightly higher than the peak recorded in April during the Middle East conflict, said Gaspy director Mike Newton.

The recent rise follows a prolonged period where Brent crude oil prices stayed above US$100 a barrel. On Monday, Brent crude was trading at around US$101.5 a barrel, contributing to the upward pressure on fuel costs.

Adding to the issue, the New Zealand dollar has weakened sharply over the past two months, dropping about 7% since August to around 55.8 US cents, near a one-year low. A weaker New Zealand dollar makes imported fuel more expensive, further driving up petrol prices.