Good news for motorists: the price of oil has gone down around 7 percent in the last week. 

The Brent Crude oil price dropped below US$80 a barrel at the weekend, after OPEC+ came to a deal to extend voluntary production cuts. 

NZ Business editor-at-large, Liam Dann told Jack Tame “That’s good news for motorists – and good news on the inflation fight.” 

Dann said “We want to see renewable energy – but everything in the economy is underpinned by the price of oil.” 

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