Pacific fuel crisis cost region nearly $1 billion in six months, NZ briefings reveal

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Officials say the fuel crisis triggered in late February due to the war between Iran and the United States has cost the Pacific region nearly a billion dollars in its first six…

Officials say the fuel crisis triggered in late February due to the war between Iran and the United States has cost the Pacific region nearly a billion dollars in its first six months.

Briefings to New Zealand Foreign Minister Winston Peters ahead of the Pacific Islands Forum (PIF) leaders' summit in Palau in September, released under the Official Information Act, advised that additional fuel costs from the start of the crisis to the end of July amounted to NZ$935 million.

"Even if supply returns to a normal level in the short-term, the economic and social cost of the crisis will be significant," the briefings read.

It further noted that, up to that point, responses by governments had often been "too broad, and poorly targeted".

"The only option that would benefit all members is to reduce demand for imported fuels through increased renewable generation and improved energy efficiency measures.

"New Zealand has worked closely with Australia, World Bank and Asian Development Bank (ADB) to provide initial crisis support. Discussions are now moving towards medium-term support to reduce reliance on imported fuels."

Fuel price caps in the South Pacific have, based on monthly changes, risen sharply before plateauing at an unsustainably high rate. On average across each country, it is running at a five-month high.

Prices in Viti Levu (Fiji's main island), Samoa and Rarotonga (Cook Islands) have risen to levels not reached since June, and prices in Tongatapu (Tonga) are higher now than ever before.

Papua New Guinea, having removed a government subsidy, is at its highest diesel price since April. Solomon Islands has maintained price levels at NZ$0.80 cents higher than at the beginning of the year, while Vanuatu increased its cap in October after a drop in September.

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