New Zealand is halving public transport fares to ease the pain of sharply rising gasoline costs, as energy prices soar following Russia’s invasion of Ukraine.
New Zealand Prime Minister Jacinda Ardern announced that the country would cut fares by 50 percent, amid a suite of other changes to try to ease sharp increases in the cost of living.
The government is also cutting gasoline excise duties and road user charges by NZ$0.25 (US$0.17) per liter — changes that took effect at midnight yesterday.
New Zealand Deputy Prime Minister Grant Robertson said that the changes would initially last for three months before being reviewed.
“The global energy crisis has quickly become acute,” Ardern said. “We cannot control the war in Ukraine nor the continued volatility of fuel prices, but we can take steps to reduce the impact on New Zealand families.”
Gasoline prices in New Zealand are more than NZ$3 per liter and have been rising sharply. Unleaded gasoline has risen 15 percent since the start of the year and is expected to continue to increase.
“In the long term, we need to build greater resilience into our transport system, so we are less vulnerable to spikes in the price of petrol,” Ardern said. “But for now, halving the cost of public transport will provide some families with an alternative to filling up the tank.”
Even with the changes, the government expects gasoline prices to continue their upward trajectory, Robertson said.
“We do need to recognize that petrol prices are expected to continue to rise,” he said. “The Russian invasion of Ukraine is continuing to undermine and destabilize global energy markets and, added to the other inflationary pressures the world has due to COVID-19 supply-chain disruptions, this is sadly not over yet.”
The Ardern government has come under growing pressure to address the rising cost of living in New Zealand, where households have faced significant increases in the cost of living and supermarket essentials.
Inflation in New Zealand has hit a three-decade high, and is showing no sign of slowing.
Inflation reached 5.9 percent at the end of last year, and Australia and New Zealand Banking Group, the country’s biggest bank, expects it to continue rising this year.
Last month, fruit and vegetable costs increased 17 percent year-on-year.
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