Petrol and diesel prices have recorded their largest monthly increases on record, with both fuels jumping sharply in March due to the US-Israeli conflict with Iran, according to new figures from Stats NZ released today.
Stats NZ said petrol prices rose 18.6% between February and March 2026, while diesel prices surged 42.6% over the same period.
It is the biggest monthly increase for both fuel types since the agency began publishing monthly vehicle fuel price movements in July 2011.
The record‑breaking spike coincided with Iran’s effective closure of the Strait of Hormuz for much of March — a critical global shipping route through which about 20% of the world’s oil exports normally pass.
The disruption triggered a global fuel crisis, sending the price of Brent crude oil soaring from around US$70 a barrel to peaks above US$119.
Motorists continue to feel pinched at the pumps as prices rise. (Source: 1News)
A fragile ceasefire remains in place between the United States and Iran, though global oil markets continue to face uncertainty over supply and shipping security in the region.
The March surge marked a sharp reversal from earlier in the year. Stats NZ said both petrol and diesel prices fell in January and February before surging last month.
Despite those earlier drops, fuel prices are now also significantly higher than a year ago.
In the 12 months to March 2026, petrol prices climbed 13.9%, while diesel prices were up a steep 36.9%.
Stats NZ collected fuel price data using a mix of administrative information provided directly by petrol companies and weekly price checks at service stations around the country.
Average prices for diesel and petrol — including 91 and 95/98 octane — were then calculated to reflect the price changes experienced by households nationwide.
Monthly movements were measured by comparing the average prices for the current month with those of the previous month.
Fuel spend up 15% annually, Westpac report finds
Spending on fuel has increased by 15% compared to the same time last year, according to new Westpac data, as high global prices continue to put pressure on Kiwis.
The bank’s March card spending report has revealed motorists are spending more on petrol but getting less in return, with the average volume of fuel purchased per transaction down around 6% to 8%.
At the same time, the average price of 91 unleaded climbed by $1.04 per litre nationwide — a 40% increase — while diesel prices surged by $1.90 per litre over the same period.
Spending on fuel around the country had also continued to track higher into early April.
Airfares, food prices
Stats NZ also provided updated data on the price of airfares and food today.
Domestic airfares decreased 14.4%, and international airfares increased 3.5% in March 2026 compared with February 2026.
Similarly, domestic airfares dropped 7.3%, and international airfares rose 9.8%in the 12 months to March 2026.
“Travellers typically book and pay for airfares in advance, so price changes reflect fares that were set up to 12 months ago,” prices and deflators spokesperson Nicola Growden said.
Food prices increased 3.4% in the 12 months to March 2026, following a 4.5% rise in the 12 months to February 2026.
Food prices fell 0.6% in March 2026 compared with February 2026.
The morning's headlines in 90 seconds, including new rumours about Christopher Luxon facing a leadership challenge, and Victoria Beckham addresses her family feud. (Source: 1News)
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