Petrol prices across New Zealand have surged past $3 per litre for the first time, with motorists facing record fuel costs as global oil tensions and refining capacity constraints drive prices to unprecedented levels.
RNZ reports that 91 octane petrol hit $3.05 per litre at some Auckland stations this morning, with premium grades exceeding $3.30 per litre. Diesel prices have also climbed sharply, reaching $2.75 per litre nationwide.
The price surge comes amid escalating tensions in the Middle East following the sinking of an Iranian vessel, which has pushed oil prices above $100 per barrel for the first time since 2022. The New Zealand dollar's weakness against the US dollar has further amplified the impact on local fuel prices.
Right, so Kiwis are now paying over three bucks a litre to fill up while their Prime Minister's political future hangs by a thread. Perfect timing for a cost-of-living crisis to go from bad to catastrophic.
Motoring groups say the price increase will cost the average household an additional $40-50 per week in fuel costs, compounding already severe cost-of-living pressures. For rural and regional New Zealanders, who depend on vehicles for essential travel, the impact is even more severe.
Simon Douglas from the AA said the price spike is "a perfect storm of international and domestic factors" and warned that relief is unlikely in the short term unless global tensions ease.
The government has faced immediate pressure to provide relief. Opposition parties are demanding temporary fuel tax cuts, while some economists have suggested direct subsidies or rebates for low-income families.
But Finance Minister Nicola Willis ruled out broad-based fuel tax cuts, saying they would "primarily benefit wealthy households with multiple vehicles" rather than those most in need. She suggested targeted assistance would be considered.
