WELLINGTON, Sept. 28 (Xinhua) -- New Zealand petrol and diesel prices are likely to remain under pressure this week as global oil prices stay high, market analysts said on Monday.
New Zealand diesel prices have risen to their highest level since around May, reaching 3.18 NZ dollars (about 1.8 U.S. dollars) a liter, according to fuel-monitoring site Gaspy. The price has increased nearly 20 percent over the past 28 days, Radio New Zealand reported.
The price of 91-octane unleaded petrol has risen more than 15 percent over the past month to 3.44 NZ dollars a liter, nearing the 3.5 NZ dollar level reached in April, Gaspy noted.
"This will cause headaches for motorists and the Reserve Bank. Refined fuel prices out of Singapore remain high, which doesn't bode well for the outlook in New Zealand over the coming months," Kiwibank said in a market update.
The energy supply shock was also driving up inflation fears, while interest rate differentials and a weaker New Zealand dollar could add to the impact of higher petrol prices, Kiwibank said. ■
