New Zealand to cut fares, fuel taxes for three months
Date 14 Mar 2022 time 18:41
“We cannot control the war in Ukraine. or the volatility of oil prices But we can take action to reduce the impact on New Zealanders,” the New Zealand Prime Minister said.
On March 14, Bloomberg reported that New Zealand Prime Minister Jacinda Ardern said it would cut public transport fares in half from April 1 following a spike in oil prices. Amid the Russo-Ukrainian War
“We cannot control the war in Ukraine. or the volatility of oil prices But we can take action to reduce the impact on New Zealanders,” Ardern said. “The global energy crisis is rapidly escalating. which is why the government has to step in and deal with it.”
It also announced that it would cut fuel excise taxes by 25 cents per liter for at least three months, effective today at 11:59 p.m. local time.
Petrol prices in New Zealand rose above NZ$3.20 a liter, or nearly 73 baht, which Ardern said would reduce the cost of filling up to a 40 liter tank by about NZ$11 and a tank size. 60 liters, about NZ$17
Treasury Secretary Grant Robertson said the policy was estimated to be worth around NZ$350 million. which will be prioritized from other spending
“We have to accept that the price of oil may rise further. Russia’s invasion of Ukraine continues to shake global energy markets. Sadly, coupled with the inflationary pressures the world is experiencing due to the disruption of supply chains due to the COVID-19 pandemic, it is not over yet.”
Photo by REUTERS/File Photo/File Photo
