7 Jan 2020

Local petrol prices unlikely to rise after international prices rise - economist

From Five O'clock Report, 5:18 pm on 7 January 2020

An economist says prices at the petrol pump locally are unlikely to rise quickly without more developments in the Middle East after international crude oil prices rose overnight. Crude oil has jumped to U-S 70 dollars a barrel, as global markets await a possible retaliation from Iran following America's attack on one of their top military commanders. Refineries buy crude oil on the international market to make petrol and diesel - so what does this mean for New Zealand? Eleisha Foon reports.