NZ Petrol Prices Surge on Renewed Middle East Conflict

Global oil prices have surged again in response to renewed conflict between Iran and the United States. The increase has trickled down to New Zealand, where petrol prices are now back at $3 per litre.

Fuel monitoring website Gaspy reported on Monday morning that the average price of a litre of 91 petrol was exactly $3, up about 9 cents a litre over the past 28 days.

This comes after global oil prices began rising again earlier this month. They had fallen back to around US$72 a barrel in June following a ceasefire announcement, but spiked to more than US$100 a barrel before easing.

The renewed conflict has raised concerns that key oil supply routes through the Strait of Hormuz and the Red Sea could be cut off.