Aucklanders are experiencing a decrease in petrol prices following the removal of the 11.5c per litre regional fuel tax from Monday.
The price of 91 octane fuel dropped from $2.92 to $2.80.9 per litre, while 95 octane at the Z station in Ponsonby went from $3.11.9 to $2.99.9. The tax, initially intended to fund Auckland infrastructure over ten years, has been lifted, resulting in immediate but potentially temporary savings.
According to AA principal policy adviser Terry Collins, while this price drop is welcomed, it may be short-lived as fuel prices are likely to rise again due to rebounding oil prices and potential changes in OPEC production cuts, he told state media.
Motorists are being encouraged to shop around for the best fuel prices, as significant variations exist within Auckland. Collins highlighted that savings could be more substantial when comparing prices at different stations, with variations as much as 50c per litre.
The competitive nature of areas with cheaper fuel prices pressures companies to lower prices further. Simon Parham, CEO of Waitomo, confirmed to state media his company dropped prices by 12c per litre and noted that geopolitical factors, OPEC decisions, and policies like the Emissions Trading Scheme would continue to influence fuel prices.
Image credit: Engin Akyurt
