New Zealand fuel prices will hit record highs this summer

Fuel prices in New Zealand are set to hit record highs this summer, with experts predicting the price of 91 octane petrol will rise to $3.50 by the end of the year. The increase comes after the government’s fuel tax subsidy ended three months ago. According to Terry Collins, the AA’s chief policy adviser for motoring affairs, the latest price hike was fuel consumption which rose by 29 cents a liter due to the removal of the tax credit, while crude oil prices rose by a third. .

Brent oil, currently at $95 a barrel, has hit its highest level this year, putting pressure on fuel prices in New Zealand. A weakening New Zealand dollar and the closure of the Marsden Point oil refinery are other factors driving up costs.

Experts believe the national average price of 91 octane gasoline is currently around $3.10, but they predict it will exceed $3.50 by Christmas. These unprecedented prices are not limited to New Zealand, as other countries such as Australia and the United Kingdom have also experienced sharp increases in fuel prices.

Many New Zealanders have no choice but to continue paying for fuel due to the lack of alternative transport options. Auckland University of Technology Professor Ben Wooliscroft says New Zealand cities are designed to rely heavily on cars, limiting the availability of public or active transport.

Additionally, the price of jet fuel has increased by 30% in recent months, making air travel more expensive. Electric vehicles may seem like an attractive alternative, but they come with a hefty price tag.

As Christmas approaches, fuel prices continue to rise, a significant concern for consumers across the country.

Definitions:
– Fuel Excise Duty Rebate: A subsidy given by the government to reduce the price of fuel by a certain amount.
– Crude Oil: Unrefined oil extracted from the ground and used to produce petroleum products.
– Brent crude: one of the main oil benchmarks, indicating the price of oil produced in the North Sea.
– Octane: A measure of fuel efficiency, indicating the ability to resist knocking or knocking.
– Marston Point Oil Refinery: New Zealand’s largest oil refinery, located in the North Country.

proof’s:
– Newshub