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Nicola Willis: Finance Minister on what the Middle East conflict could do to oil prices
Published 1 month, 3 weeks ago
Description
The conflict has seen oil prices jump, and could mean higher costs at the pump.
But Finance Minister Nicola Willis says it doesn't mean we need to re-think the Marsden Point oil refinery.
It ceased refining operations in 2022 and has been converted to an import-only fuel terminal.
Willis says it would still have needed to import the oil - but adds there's some resilience in the system.
"Last year, the Government made changes to regulations, which mean that fuel suppliers in New Zealand have to keep 28 days worth of fuel on supply."
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