Government to reintroduce fuel tax at start of 2023

The New Zealand Government has confirmed that fuel excise tax will be reintroduced in January next year, meaning fuel prices are set to rise.

Earlier this year in March, the tax was cut by 25 cents in order to ease the cost of living Kiwis are still experiencing.

The tax cut was only intended to cover a three month period but Finance Minister Grant Robertson extended it until the end of January 2023 in July.

Fuel prices reached over $3 a litre at their peak as a result of rising oil prices across the globe. Petrol prices for 91 octane currently sit between $2.50 and $2.70.

Transport Minister Michael Wood recently confirmed the tax will be introduced next year, meaning prices will likely reach close to $3 a litre yet again.