{"id":407215,"date":"2026-05-01T19:49:16","date_gmt":"2026-05-01T19:49:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/407215\/"},"modified":"2026-05-01T19:49:16","modified_gmt":"2026-05-01T19:49:16","slug":"petrol-price-relief-may-be-short-lived-as-global-oil-costs-surge","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/407215\/","title":{"rendered":"Petrol price relief may be short-lived as global oil costs surge"},"content":{"rendered":"

Some motorists may have noticed slightly cheaper oil prices across the country this week, but experts warn any relief at the pump may be short-lived as global oil prices<\/a> continue to climb. <\/p>\n

Parts of the country have seen petrol dip below $3 a litre this week. According to fuel price app Gaspy, the average price of 91 earlier today was $3.24 a litre \u2014 down around 5% over the past 28 days. <\/p>\n

Waitomo petrol group chief executive Simon Parham said the recent price drops had mainly been largely due to regular promotional discounts, but the overall price had still decreased. <\/p>\n

“We have seen prices come off over the last couple of weeks,” Parham said. <\/p>\n

“Waitomo worked off about 40 cents a litre in the last two weeks on gasoline.”<\/p>\n

International markets are now causing fresh concern after global oil prices hit a four-year high yesterday, following talks of military action and a double blockade in the Strait of Hormuz.<\/a><\/p>\n

Kepler senior oil analyst Naveen Das said the US blockade<\/a> was preventing millions of oil exports from passing through the Strait of Hormuz and could see Iranian oil production drop by around 1.5 million barrels per day. <\/p>\n

“That removal of even more supply is what’s pushing the prices higher,” he said. <\/p>\n

\"Auckland<\/p>\n

Auckland University economics professor Robert MacCullogh (Source: 1News)<\/p>\n

Auckland University economics professor Robert MacCulloch said one of the world’s biggest investment banks, Goldman Sachs, was forecasting oil to remain around US$90 (NZ$152) a barrel through to the end of the year. <\/p>\n

“They’ve looked at refineries and even should the blockade end tomorrow it’s going to take a long time to unwind,” he said. <\/p>\n

MacCulloch warned higher fuel prices could significantly impact annual household costs at a time when many families were already struggling. <\/p>\n

“This is going to add potentially thousands more a year onto their bills and the Government has stated already that they don’t want to spend a whole heap on essentially insuring people against the shock.<\/p>\n

“The view is that you should insure people, probably, a lot more.”<\/p>\n

One motorist told 1News the impact was already being felt. He said filling up his car now cost around $170 for a full tank, when he previously paid $140. <\/p>\n

“It’s taking food out of people’s mouths,” he said. <\/p>\n

Another said he was considering growing more vegetables in the garden “just to keep the cost of living down a bit”.<\/p>\n

Protesters gathered at Auckland’s Karanga-a-Hape Station to call on the Government for free public transport as a solution to the fuel crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"Some motorists may have noticed slightly cheaper oil prices across the country this week, but experts warn any…\n","protected":false},"author":2,"featured_media":407216,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[219,42,5107,43,40,38,41,39],"class_list":["post-407215","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-economy","tag-headlines","tag-middle-east","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/407215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=407215"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/407215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/407216"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=407215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=407215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=407215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}