Fuel Prices in NZ to Stay High Through Christmas

Fuel prices in New Zealand are expected to remain high for at least another six weeks, possibly even through Christmas. The average price of 91 unleaded petrol has hit $3.25 a litre, up nearly 25 cents from 28 days ago.

The Automobile Association's principal policy advisor, Terry Collins, attributes the increase to several factors, including global crude oil prices over US$100 a barrel and restricted supplies through the Strait of Hormuz.

Collins notes that insurance costs for oil tankers have also soared, while the lower Kiwi dollar has contributed to higher petrol prices. He predicts 'a little more pain to come' before Christmas, unless something major happens geopolitically.