US, Iran peace deal: What will it mean for NZ's fuel prices? | Stuff.co.nz

US, Iran peace deal: What will it mean for NZ's fuel prices? | Stuff.co.nz <!--mynz:youtube-chapters--> {"v":1,"chapters":[{"timeSeconds":0,"label":"Global Oil Prices Fall, NZ Impact","summary":"The announcement of a US-Iran deal led to an immediate 4% fall in global oil prices. An economist predicts this could push New Zealand petrol prices towards $2.80 a litre within weeks."},{"timeSeconds":21,"label":"NZ Petrol Prices Could Drop","summary":"Motorists are currently paying over $3 a litre for 91 octane fuel. Westpac Chief Economist Kelly Eckhold expects prices to drop to the $2.80-$2.90 range in the next couple of weeks due to further global price falls and a favourable exchange rate."},{"timeSeconds":58,"label":"Government Demands Price Pass-Through","summary":"The Prime Minister and Finance Minister are putting fuel companies on notice, expecting global savings to be passed on to consumers. The Commerce Commission is monitoring pump prices daily, with reports going to the Ministry for Business."},{"timeSeconds":122,"label":"Dramatic Oil Price Reversal","summary":"Brent crude oil prices have dramatically fallen to around US$84 a barrel, after briefly surging to US$138 during the conflict. This follows a significant disruption in oil tanker traffic through the Strait of Hormuz in early March."},{"timeSeconds":214,"label":"Fuel Price Drop Boosts Confidence","summary":"Economists anticipate that lower fuel prices and reduced uncertainty from a potential ceasefire will boost business and consumer confidence. This could lead to improvements in household spending and hiring."},{"timeSeconds":250,"label":"Peace Deal Fragility, Market Volatility","summary":"The Finance Minister acknowledges the fragility of the peace deal, warning that future events could quickly change oil price projections. An AA advisor highlights the unpredictability, noting that markets can rise and fall rapidly."}]} <!--/mynz:youtube-chapters-->