More fuel initiatives have been announced in the hopes of lowering costs and lowering emissions.

Bulk storage facilities will now be required to hold minimum levels of fuel, including four week's supply of petrol.

The Commerce Commission has been granted the ability to regulate prices, with the hopes this will lower prices.

Waitomo Group managing director, Jimmy Ormsby, joined Kate Hawkesby.

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• Mike's Minute: Petrol subsidy saga a lesson in simple economics and politics
• The Government gives the Commerce Commission control over petrol prices