New Zealand Motorists Panic-Buy Fuel As Crude Price Soars

WELLINGTON, March 9 (Bernama-Xinhua) -- New Zealand motorists are rushing to petrol stations after oil surged past  US$100 a barrel over Middle East tensions, fearing steep domestic price hikes, reported Xinhua.

Brent Crude jumped 18 per cent to US$110 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 per cent spike in demand last week as the Singapore Platts price, a key Asia-Pacific benchmark for refined petroleum, rose by roughly US$60 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 per cent of supply avoiding the volatile Strait of Hormuz, said Parham.

--BERNAMA-XINHUA