WELLINGTON, March 9 (Xinhua) -- New Zealand motorists are rushing to petrol stations after oil surged past 100 U.S. dollars a barrel over Middle East tensions, fearing steep domestic price hikes.
Brent Crude jumped 18 percent to 110 dollars a barrel when trading resumed Monday, prompting drivers to queue at pumps over the weekend to fill tanks before the costs climb further.
Waitomo Group, a New Zealand-owned fuel retailer known for low-cost fuels, reported a 15 to 20 percent spike in demand last week as the Singapore Platts price, a key Asia-Pacific benchmark for refined petroleum, rose by roughly 60 dollars a barrel.
This is among the largest spikes the company has seen in 25 years, according to Waitomo Group Chief Executive Simon Parham, in comments reported by Radio New Zealand.
There is no shortage risk in New Zealand, with 20 days of stock available and over 80 percent of supply avoiding the volatile Strait of Hormuz, said Parham. ■
