Wellington, New Zealand: Petrol prices in New Zealand have risen to their highest level since the start of the Middle East conflict, according to fuel monitoring site Gaspy.
Gaspy on Monday showed the average price of 91-octane unleaded petrol at 3.505 NZ dollars (about 1.96 U.S. dollars) per liter, slightly higher than the 3.502 NZ dollars per liter recorded at the peak of the Middle East 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 100 U.S. dollars a barrel. Brent crude was trading at about 101.5 U.S. dollars a barrel on Monday.
The New Zealand dollar has also fallen sharply over the past two months, dropping about 7 percent since August to around 55.8 U.S. 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.
