The country's only oil refinery may be at the end of its golden run due to waning global demand for fuels and a surplus of refined products.
The New Zealand Refining Company has told shareholders that margins are under pressure.
The company says the most dire scenario would see the refinery make a loss of $1 million, based on a low margin and exchange rate of 65 US cents.
At the other end of the range, the refinery says it could make a profit of $172 million , based on a higher margin and exchange rate of 45 US cents.
The New Zealand Refinery Company made a full year profit of $124.9 million last year, an increase of 11% on the previous year.
