New Zealand Petrol Prices Surge to Highest Since Middle East Conflict

Petrol prices in New Zealand have reached their highest level since the start of the Middle East conflict, according to the fuel monitoring site Gaspy. The average price of 91-octane unleaded petrol hit 3.505 NZ dollars (about 1.96 U.S. dollars) per liter on Monday, slightly surpassing the previous peak of 3.502 NZ dollars per liter recorded in April, as noted by Gaspy director Mike Newton.

The recent surge in prices coincides with a prolonged period where Brent crude oil has traded above 100 U.S. dollars per barrel. On Monday, Brent crude was priced at around 101.5 U.S. dollars per barrel.

Adding to the upward pressure on fuel costs, the New Zealand dollar has weakened significantly over the past two months, falling approximately 7 percent since August to around 55.8 U.S. cents, near a one-year low. A weaker New Zealand dollar makes imported fuel more expensive, further driving up petrol prices.