What is the projected increase, if any, in fuel prices for New Zealand households if oil through the Strait of Hormuz is disrupted?

Answer

The Government has a range of work underway to improve the reliability and affordability of New Zealand energy, which will reduce reliance on imported fossil fuels. We are growing domestic renewable energy production through measures such as resource management reform and the Fast-track regime, delivering an enabling regime for offshore renewable energy, and reducing barriers to rooftop solar. This creates more domestically produced energy that can displace imported fuels in New Zealand’s energy mix.  The Government is also focused on improving electricity security and affordability by addressing dry-year risk and improving the functioning of the electricity market. This will give New Zealanders greater confidence to electrify their energy use where this makes sense.