New Zealand Petrol Prices Hit Highest Level Since West Asia Conflict

WELLINGTON, Oct 5 (NNN-Xinhua) -- Petrol prices in New Zealand have risen to their highest level since the start of the West Asia conflict, according to fuel monitoring site Gaspy, Xinhua reported.

Gaspy on Monday showed the average price of 91-octane unleaded petrol at NZ$3.505 (about US$1.96) per litre, slightly higher than the NZ$3.502 per litre recorded at the peak of the West Asia conflict in April, Gaspy director Mike Newton told Radio New Zealand (RNZ).

The latest increase followed a sustained period in which the price of Brent crude oil has remained above US$100 a barrel. Brent crude was trading at about US$101.5 a barrel on Monday.

The New Zealand dollar has also fallen sharply over the past two months, dropping about 7 per cent since August to around 55.8 US cents, close to a one-year low, RNZ reported.

A weaker New Zealand dollar makes imported fuel more expensive, adding to upward pressure on petrol prices. 

--NNN-XINHUA