New Zealanders queue for petrol as price hikes

New Zealanders queue for petrol as price hikes

New Zealanders queue for petrol as price hikes
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WELLINGTON – Cars, boats and gallon bottles, New Zealanders were filling every tank with fuel before another big price hike tipped at the weekend.

Petrol prices have already jumped up dramatically over the past month, which saw national average price of 91 petrol increase 11.8 percent to 2.94 New Zealand dollars per litre, and 23.1 percent increase for diesel to 2.28 New Zealand dollars per litre, according to the price comparing tool Gaspy.

On Friday, local fuel retailer Waitomo warned of a looming unprecedented rise in prices. Chief Executive Jimmy Ormsby said the company had been advised by its supplier that prices would increase after 6 p.m. local time Friday evening.

“With the biggest single jump in our wholesale price seen in my time,” said Ormsby.

Even though most of the competitors said that they would not follow suit to impose sudden price hikes, motorists were quick to react by queuing at petrol stations and filling their tanks to beat potential price hikes. Petrol stations across the country were swamped with cars before the price hike came into effect.

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Some petrol stations had reportedly run out of 91, 95 and diesel, while others saw as long as 1 km of queues.

Fuel prices since jumped up 17 to 30 cents at the Waitomo’s different petrol stations. Prices differed among petrol stations, but the sign of price increase seemed no easing trend.

New Zealand Institute of Economic Research economist Shamubeel Eaqub told local media that the steep increase in fuel prices can be attributed to the Ukraine crisis.

New Zealand finance minister Grant Robertson also warned on Thursday it was “not the end of the road” for petrol and diesel price hikes.

“I can’t give you a specific dollar term, but it’s quite clear petrol prices will continue to rise,” said Robertson.

 

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