New Zealand to reduce fuel excise duty

New Zealand government said on Monday it would reduce the fuel excise tax by 25 New Zealand cents and halve public transport fares for three months to help offset rocketing fuel prices.

The government also said it will also reduce fuel usage charges by 25 New Zealand cents.

It said it estimates the changes will reduce the cost of filling up a 40 litre tank of petrol by more than NZ$11 ($7.46), and for a 60 litre tank, more than NZ$17. ($1 = 1.4736 New Zealand dollars)

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