{"id":479870,"date":"2026-06-16T09:45:10","date_gmt":"2026-06-16T09:45:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/479870\/"},"modified":"2026-06-16T09:45:10","modified_gmt":"2026-06-16T09:45:10","slug":"us-iran-peace-deal-how-far-will-new-zealand-fuel-prices-fall","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/479870\/","title":{"rendered":"US-Iran peace deal: How far will New Zealand fuel prices fall?"},"content":{"rendered":"

The price of Brent crude \u2013 the international benchmark \u2013 fell more than 4% to around US$82 ($141) a barrel on news that the US and Iran had agreed a memorandum of understanding<\/a> on Monday.<\/p>\n

Brent crude exceeded US$120 a barrel in the early months of the Middle East conflict.<\/p>\n

\u201cI think we\u2019re going to settle somewhere around US$80 a barrel and what that\u2019ll mean is maybe we get our 91 [octane] down to about $2.80 and diesel down to about $2.10 or under $2 on a good day,\u201d Collins said.<\/p>\n

\u201cWe\u2019re not going to get back to the beginning of the year where [crude] was US$60 [a barrel].\u201d<\/p>\n

The average price of unleaded 91 sits at $3.15 a litre, down from around $3.48 in mid-April, according to fuel tracking app Gaspy.<\/p>\n

At the onset of the conflict in early March, unleaded 91 was at $2.49.<\/p>\n

Meanwhile, diesel has fallen from an average of $3.89 in April to $2.89.<\/p>\n

Collins said if the Strait of Hormuz does open, hundreds of tankers will flee the Persian Gulf and head off to the refineries with their product.<\/p>\n

\u201cThat will mean we\u2019ll get a little bit of an additional increase in supply.<\/p>\n

\u201cWe\u2019ve never had an oil production problem, we\u2019ve had an oil transportation problem.\u201d<\/p>\n

But there are still factors that could keep prices up a bit.<\/p>\n

\u201cA lot of the globe released their strategic reserves. They\u2019ll need to be replenished so that will put a bit of upward demand again, depending on how quickly they want to do it,\u201d Collins said.<\/p>\n

He said there would also be a trade-off when it comes to oil tankers resuming transit through the Strait of Hormuz, in that \u201cinsurances will be higher, but the distance will be shorter\u201d.<\/p>\n

\u201cIf they decide they don\u2019t want to go back in [to the strait] and risk getting caught again, then they\u2019ll go to other producers of oil, in which case the shipping costs and time will be a bit higher.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The price of Brent crude \u2013 the international benchmark \u2013 fell more than 4% to around US$82 ($141)…\n","protected":false},"author":2,"featured_media":479871,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[213823,3021,138,3468,307,19338,1601,3592,528,2678,221,194,51720,117,111,139,69,2892,241430,12937,32257,9361,3271,544,2249,168435,8218,1533,80],"class_list":["post-479870","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-anytime","tag-bring","tag-business","tag-deal","tag-dont","tag-expect","tag-expert","tag-fall","tag-far","tag-fuel","tag-how","tag-kiwi","tag-motorists","tag-new","tag-new-zealand","tag-newzealand","tag-nz","tag-peace","tag-prewar","tag-prices","tag-pump","tag-relief","tag-should","tag-some","tag-soon","tag-usiran","tag-warns","tag-will","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/479870","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=479870"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/479870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/479871"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=479870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=479870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=479870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}