Motorists across New Zealand are filling up their tanks early as global oil prices surge past US$100 a barrel, raising concerns that fuel prices could climb further in the coming days.
The spike follows rising tensions in the Middle East, which pushed the benchmark Brent crude price up sharply when markets reopened. Prices jumped about 18 percent to around US$110 a barrel, triggering fears that petrol costs could soon increase at the pump.
Demand Surges at Fuel Stations
Petrol stations around the country have reported a noticeable rush of drivers looking to fill up before prices rise further. Many motorists said they were topping up their tanks even if they still had fuel left, worried the cost could increase again within days.
Some drivers interviewed while waiting in queues said they preferred to buy fuel immediately rather than risk paying more later. One motorist noted the price had already increased compared with the previous day and expected further hikes.
Fuel Companies Report Spike in Sales
Fuel retailer Waitomo Group said demand had climbed significantly over the past week as news of rising oil prices spread. Chief executive Simon Parham said purchases at the company’s petrol stations were 15 to 20 percent higher than usual.
Parham also pointed to a sharp jump in the Singapore Platts price, a benchmark used in fuel pricing for the region. He described the recent increase as one of the largest spikes he had seen in more than two decades in the industry.
Supply Situation Remains Stable
Despite the rush at fuel stations, retailers say New Zealand’s fuel supply remains stable. Industry figures estimate the country currently holds around 20 days of fuel stock, with additional shipments arriving regularly by ship.
However, analysts say if global oil prices remain high, those costs are likely to be passed on to motorists in the coming weeks.
For more updates on global economic developments and fuel price trends, readers can explore further reports across Find New Zealand’s news section.
