Queues at petrol pumps in rush to beat latest price hike

Brian from New Lynn

The first of three fuel tax increases over the next three years comes into effect at midnight - pushing petrol prices up by around four cents a litre nationwide. The latest tax follows a pattern of pain at the pump with several price hikes throughout the year, and a regional fuel tax that saw prices jump by 11.5 cents in Auckland. Automobile Association spokesman Mark Stockdale says motorists have never seen prices like $2.45 a litre for 91 octane before. ANZ economist Miles Workman says fuel prices are approaching if not exceeding record high levels in a number of places. "That's reflecting a number of factors that have happened this year. Global oil prices have increased almost 30 per cent, the New Zealand dollar has depreciated around 10 percent.The impact is predicted to hurt families already struggling with other rising costs as well. "For some it's not using the car as much, cutting back, and others have to cut back in other areas," said David Marra from Christchurch Budget Services. What's worse is that many say prices are yet to peak with the cost of petrol likely to be even higher by Christmas.
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