Rising petrol costs have hit consumers hard in the pocket, particularly vehicle owners in New Zealand, which has one of the world’s highest people to vehicle ratios.
91 octane fuel is around NZ$1.78 a litre now, which is almost 40 cents dearer than the corresponding time last year. Similar price surges are being felt around the Pacific, because of the volatile world oil market.
Kiwi drivers are going through their worst ever period with prices going up as much as 4 cents a litre this week (as at 14 March).
And industry leaders say the worse is yet to come.
Thankfully, the Government has decided not to adjust fuel tax in line with inflation on April 1, ahead of a host of new charges. Petrol giant BP has predicted petrol would cost over $2 by September 2009. That is assuming there is no major weakening in the New Zealand dollar currently hovering at US$80c. If it weakens, that would mean petrol prices would
surely surpass $2 a litre.
