Brace yourselves for a 'wicked perfect storm' says Prime Minister Jacinda Ardern, as Russia's invasion of Ukraine creates a global energy crisis.
In the last hour, the government has announced it's slashing fuel taxes and public transport fares will halve for three months, as the cost of petrol continues to soar.
The fuel excise is currently about 70 cents per litre, but will be cut by 25 cents for three months, as will road user charges.
The government expects this will save people between $11 and $17 per tank of petrol.
Prime Minister Jacinda Ardern says we are in the midst of a global energy crisis. Finance Minister Grant Robertson says the tax cuts will cost about $350 million.
The government has also contacted fuel companies and expressed its expectation that the full amount of tax reduction is passed on to consumers.
The Minister of Energy and Resources, Megan Woods, has asked for daily information disclosure from fuel companies of their rolling seven-day average fuel margins, to monitor industry profits.
