Increased fuel costs could drive some trucking businesses under, according to an industry association. War in the Middle East has effectively closed the Strait of Hormuz, a vital shipping lane, meaning oil prices are volatile. The rise in oil prices could cause the cost of goods to rise as more than 90% of freight in Aotearoa is moved by road. The New Zealand Trucking Association said fuel has now overtaken labour as the highest cost for trucking companies. He said the commission would provide updates on retail fuel price movements and compare them with changes in the cost of importing fuel on its website.
