12:15 PM
As the kiwi dollar plunges to an all-time low and international crude oil prices reach record highs, New Zealand motorists are bracing for another round of petrol price hikes.
The kiwi dollar plunged to new depths against the US dollar overnight, falling to US 40.76 cents.
At the same time, international oil prices hit a ten-year high of US $34.98 a barrel.
Shell New Zealand spokesman Antonius Papaspiropoulos says the company is monitoring the situation closely.
He admits the prognosis is not great, but says Shell is trying desperately to contain prices.
However, some oil industry analysts are picking petrol prices will rise by as much as three cents before the end of the week.
- IRN
Petrol prices likely to rise
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