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The nation is grappling with significant diesel shortages, prompting Finance Minister Nicola Willis to caution that thousands of jobs could be jeopardized if the supply situation doesn’t improve.
Fuel prices in New Zealand are typically steeper than those in Australia, primarily due to higher taxes. This includes an elevated fuel excise, fees associated with an emissions trading scheme, and a 15 percent Goods and Services Tax (GST).
Brent crude, recognized as the international standard, saw a 1.69 percent increase, reaching approximately US$114.09 (NZ$162) per barrel. Meanwhile, US crude experienced a 2 percent rise, hitting US$100.29.
If these trends continue, consumers can expect to pay even more at the pump once these wholesale prices trickle down to retail levels.
Adding to the bleak outlook, global investment firm Goldman Sachs recently projected that these heightened prices might persist well into the following year.
In yet more grim news, global investment bank Goldman Sachs said last week that elevated prices could persist through next year.
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