An amendment to the Energy (Fuels, Levies, and References) Amendment Act, which became law in February 2015, will help safeguard the security of New Zealand’s oil supplies. The legislation change is the latest in a series of actions the government is taking to improve oil security.
The amendment establishes a fairer and more sustainable way to fund New Zealand’s oil stock-holding obligations, which act as a buffer against any sudden spikes in international oil prices. Read more.
Summarised from Beehive news.