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Kiwi motorists can expect more pain at the pump in the coming months, with the AA predicting 91 octane petrol could cost as much as $3.50 by Christmas.
A range of global and local factors are blamed, including rising oil prices due in part to cuts from major OPEC producers Saudi Arabia and Russia. Brent crude oil reached $95 a barrel last week, its highest price since October. Add to that a weak New Zealand dollar, the closure of the Marsden Point oil refinery, and the ending of the 25 cents a litre discount on fuel excise duty and road user charges. The subsidies were extended several times before ending on July 1.
Labour is proposing raising fuel taxes by four cents a litre each year for the next three, to boost funding for transport network improvements. National says it plans no increase, but also won’t cut fuel taxes. It also pledges to drop the 10c a litre Auckland regional fuel tax.
Last week, data from the Gaspy price app showed the average national price for 91 octane was $3 a litre. In the Mahurangi area 91 octane was selling for $3.04 at Gull Wellsford, $3.15 at Gull Snells Beach, and $3.19 at Z Warkworth.
