Auckland petrol prices hit all-time highs this morning, despite the country still being in a state of temporary tax cuts.
A litre of unleaded 91 in Auckland now costs $3.15 at some pumps, with premium 98 octane fuel a whopping $3.40.
Gaspy founder Larry Green says the 91 price breaks the previous record of $3.09.
Our search on Gaspy found stations advertising 91 at $3.15 were Mobil St Lukes and Mobil Quay Street.
Over 50 stations were selling 91 for more than $3 per litre.
The national average for 91 is $2.85, nearly a quarter of a dollar more than what it was a month ago.
“$3.15 is the worst it’s ever been in the history of New Zealand,” Green said.
The Government has primarily blamed a global energy crisis for the high fuel prices. Mostly all fingers are pointed toward the Russia/Ukraine conflict as the key contributor to the problem.
The excise duty tax on fuel was slashed by 25 cents in March because of the crisis. This is a temporary cut and is slated to be lifted next month.
At the time of the announcement, Deputy Prime Minister Grant Robertson said he was open to extending the tax cut if prices stayed high.
Because fuel is an inelastic product, increasing prices have very little influence on consumer demand. Thus, Kiwi motorists will have to begin sacrificing other goods and services to accommodate the higher fuel price.