Global oil prices are plummeting -- but don't expect New Zealand petrol prices to get much lower
Global oil prices are plummeting -- but don't expect New Zealand petrol prices to get much lower
22 April 2020
US oil prices are now below zero, and other oil prices have also fallen overnight.
It comes as global demand for oil plummets, with Z Energy recording an 80-percent drop off in retail sales.
It's selling its unwanted fuel back to the world market at a loss.
Chief executive Mike Bennetts says New Zealand's petrol prices have almost reached the lowest viable point, when you factor in business costs, transport costs, and taxes.
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