Keep pulling the thread on Nicola Willis.
Approximately 80% of the unrefined oil that becomes New Zealand's refined fuel supply passes through the Strait of Hormuz.
The price of diesel in New Zealand has doubled due to recent geopolitical events.
The New Zealand government expects rising fuel prices to create inflationary pressure and negatively impact economic growth potential for the current year.
The Reserve Bank of New Zealand forecasts that inflation could reach 4.2% in the third quarter of the current year.
New Zealand is now unlikely to achieve its earlier forecast of 3% annualized economic growth for the current year due to recent global events.
The price of petrol in New Zealand has increased by approximately 35% due to recent geopolitical events.
New Zealand is preparing for potential fuel supply disruptions by considering options to build up national fuel reserves and creating a response plan that may include calls for voluntary demand restraint.
New Zealand has between 50 and 60 days of supply for its primary fuel types, including stocks within the country and in transit on tankers.
New Zealand's fuel importing companies primarily rely on refineries in Singapore and South Korea, which are currently experiencing reduced crude oil stock.
Registrations of electric vehicles in New Zealand have doubled this year, driven by high fuel prices.
The New Zealand government plans to continue supporting the transition to electric vehicles by rolling out a national EV charging network.
The Reserve Bank of New Zealand has an official inflation target band of 1% to 3%.