The country's only refinery has issued another profit warning due to plunging refiners' margins amid bumpy oil markets.
Refining NZ says it expects it will have made a profit of $32 - 36 million for the year to the end of December, a fall of up to 44% on the $57.6 million it made in the previous year.
Last month, the refiner had estimated the profit would be $43 - $48 million.
Refining NZ chief executive Ken Rivers says Singapore margins - the difference between product prices and feedstock costs - slumped $US5 a barrel in December, on the back of plumetting gasoline prices.
