Australians feeling the pain at the bowser might spare a thought for their cousins across the ditch.In New Zealand, the price of regular unleaded petrol has surged to an average of $NZ3.32 ($2.76) a litre.Some service stations are currently selling petrol for as high as $NZ3.49 ($2.90) a litre, with economists forecasting prices could soon hit $NZ4 a litre.
In New Zealand, petrol prices have soared well past $NZ3 a litre for regular unleaded. (Facebook)
The country is also facing major shortages of diesel, with Finance Minister Nicola Willis warning thousands of jobs are at risk if supplies dry up.
Petrol prices in New Zealand are typically higher than in Australia due to higher taxes, including a higher fuel excise, as well as levies for an emissions trading scheme and 15 per cent GST.
It comes as oil prices jumped overnight after Iran threatened to shut down the Strait of Hormuz indefinitely in response to Trump’s ultimatum demanding the restoration of oil traffic through the critical waterway.
Brent crude, the global benchmark, climbed 1.69 per cent to about US$114.09 ($162) a barrel while US crude rose 2 per cent to US$100.29.
If they persist, those prices will see the amount consumers pay at the bowser climb still higher, once they flow through to retail supply.
In yet more grim news, global investment bank Goldman Sachs said last week that elevated prices could persist through next year.
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