Kiwis weigh in on how rising gasoline costs affect the best way they drive. Video / NZ Herald
Petrol costs are beginning to creep back over the $3 mark as a falling Kiwi greenback pushes costs greater.
The price of unleaded 91 petrol has been noticed in Auckland and Wellington at $3.09 per litre in some locations.
The Kiwi is buying and selling immediately at US62.93c – an enormous fall from US$70c simply over a month in the past. A weak foreign money makes imports costlier as most are settled in US {dollars}.
In Auckland, greater than a dozen stations – together with BP, Z and GAS – have unleaded 91 petrol at $3.09 per litre, in line with gasoline price app Gaspy. Premium 98 was at $3.43 at one BP station in Hauraki.
Two Z stations on Vivian St and Taranaki St had the very best costs in Wellington for unleaded 91 petrol, additionally $3.09.
According to Gaspy, the common price of unleaded 91 gasoline is $2.80, up 17.96 cents or 6.84 per cent within the final month. Premium 98 is $3.15 per litre on common, up 23.75 cents or 8.15 per cent within the final month.
The most cost-effective unleaded 91 gasoline within the nation is on the newly opened Costco Westgate in Auckland the place it is $2.49.
Terry Collins, coverage director – motoring affairs at AA, mentioned the weaker New Zealand greenback and sanctions on Russia because of their warfare on Ukraine have been contributing to greater gasoline costs for Kiwi motorists.
“The biggest difficulty is that Russia is the third-largest supplier of fuel in the world and there is not enough spare capacity in the rest of the OPEC countries currently to make up for what they would take out of the market,” Collins mentioned.
Collins mentioned he sees costs internationally remaining over no less than US$100 per barrel for the remainder of the yr, if no more.
“We’re going to see this prolonged impact for a while,” Collins mentioned.
WTI Crude was buying and selling at US$102.95 per barrel earlier this morning, and is up 49.7 per cent from June final yr when it sat at $61.94.
The price of oil per barrel spiked drastically in early March within the weeks following Russia’s invasion of Ukraine. On the day earlier than Russia’s assault, WTI Crude was buying and selling round US$91, but it surely hit a excessive of US$123.70 on March 8.
And it is not simply petrol costs rising both. According to Gaspy, the common price of diesel is up 30.83 cents or 13.7 per cent within the final month to $2.55 per litre.
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