Soaring petrol prices could be reducing demand

Motorists are still struggling to avoid pain at the pump, with the country hitting a record high for the cost of importing petrol.

Importers paid $1.59 per litre for 91, and $1.62 for 95 in the week to May 20th - 90 cents higher than the same week last year.

Z Energy Chief Executive Mike Bennetts says demand this week compared to the same time last year is down about 15 per cent .

He says some of it's likely to be Covid-related as people work from home more, and he thinks high prices are reducing how much they drive.