New Zealand petrol prices hit highest level since Middle East conflict

New Zealand is facing its highest petrol prices since the Middle East conflict began, according to data from fuel monitoring website Gaspy. The average price of 91-octane unleaded petrol hit NZ$3.505 (about US$1.96) per liter on Monday, slightly surpassing the peak recorded during the height of the Middle East conflict in April, which was NZ$3.502 per liter. Gaspy director Mike Newton confirmed this trend, citing extended periods of Brent crude oil prices remaining above US$100 a barrel. As of Monday, Brent crude was trading at around US$101.5 a barrel.

The rise in petrol prices comes as the New Zealand dollar has weakened significantly over the past two months, dropping about 7% since August to around 55.8 US cents, nearing a one-year low. A weaker New Zealand dollar increases the cost of imported fuel, further driving up petrol prices in the country.