Oil prices have plunged and that is proving good news for some companies, but very bad news for others.
New Zealand Refining is one of the winners, announcing a $150 million dollar six month profit.
It is benefiting from the gap between the low crude oil prices and the higher prices that refined product is fetching on world markets.
This is a reminder that crude prices are only one of the factors that determine the prices at our pumps.
Around half of the cost of a litre of petrol is tax. Another factor is the retailer operating margins.
Mining giant BHP Billiton, which is owned by many Kiwisaver funds, is one of the losers from the falling crude oil prices. It made a US$5 billion loss, after writing down the value of its oil assets.
But airlines like Air New Zealand and Qantas are benefiting from the fall in aviation fuel.