New Zealand Petrol Prices Surge to Highest Since West Asia Conflict
New Zealand is facing its highest petrol prices since the start of the West Asia conflict, according to data from fuel monitoring site Gaspy. The average price of 91-octane unleaded petrol reached NZ$3.505 (about US$1.96) per litre, slightly surpassing the previous peak of NZ$3.502 per litre recorded in April. Gaspy director Mike Newton shared this update with Radio New Zealand (RNZ).
The recent spike comes as Brent crude oil prices have remained consistently above US$100 a barrel, with Monday's trading price around US$101.5 a barrel. This sustained high has contributed to the rising fuel costs in New Zealand.
Adding to the pressure, the New Zealand dollar has weakened significantly over the past two months, dropping about 7% since August to around 55.8 US cents. This is near a one-year low for the currency, making imported fuel more expensive and further driving up petrol prices.