New Zealand petrol prices hit highest level since Iran-US war

Petrol prices in New Zealand have reached their highest level since the start of the Iran-US war, with the average price of 91 unleaded now sitting at $3.50.5, according to fuel monitoring site Gaspy. This marks a slight increase from the peak of $3.50.2 recorded in April during the war. The latest rise comes as the price of Brent crude oil has remained consistently above US$100 a barrel, currently at US$101.5.

Adding to the pressure on fuel costs, the New Zealand dollar has weakened significantly over the past few months, dropping around 7 percent since August to around 55.8 US cents. This is near a one-year low for the Kiwi dollar, making imported fuel more expensive. Gaspy director Mike Newton noted that the combination of high crude prices and a weaker currency is driving up petrol costs.