Prime Minister John Key says he is not convinced a minimum price for alcohol would work because it could force people to drink poorer quality liquor instead of drinking less.
The Ministry of Justice is researching the efficacy of a minimum price for beer, wine and spirits overseas, and is due to report its findings in September.
Mr Key said there were various models for a minimum price policy, but an attempt to introduce one scheme in Scandinavia had failed.
He said it was uncertain what a minimum pricing scheme would entail: "Does it mean a supermarket couldn't loss-lead ... or does it mean that there's actually a minimum price for a unit of alcohol?"
Mr Key believed that if a minimum price were set, it would change the quality of alcohol that people drank, but not the amount.