Oil price likely to stay down
PA Wellington Oil prices should not rise as a result of the slump in the value of the New Zealand dollar, said the Ministry of Energy yesterday.
The director of oil and gas industries, Mr Alan Jenkins, said the price of oil in New Zealand would not necessarily be triggered by movements in the value of the dollar. The Government’s decision to take over overseas loan repayments for the Marsden Point expansion levy from October and replace them with a flat 16c a litre tax on petrol meant that less of the total petrol price was linked to offshore costs, he said. The levy previously had been included in petrol costs. Therefore, any change in the value of the dollar would have a smaller effect on oil prices in New Zealand. Mr Jenkins said the over-all oil market was volatile and that it was anyone’s guess what would happen over the. next six months.
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Press, 12 September 1986, Page 3
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160Oil price likely to stay down Press, 12 September 1986, Page 3
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