Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Katrina No Excuse For Latest Petrol Price Rise

1 September 2005

Hurricane Katrina No Excuse For Latest Petrol Price Rise

The AA has rejected claims that Hurricane Katrina, which has devastated the southern United States and seriously disrupted oil production, is responsible for the latest petrol price rise.

AA General Manager, Corporate Communications, Greg Hunting, said the jump in oil prices caused by Katrina should not impact on petrol prices in New Zealand for several weeks.

"The petrol being sold here today is from oil purchased several weeks ago, and should reflect that lower price, not the price of oil this week. It is simply not credible to blame this week's disaster in the U.S. for yesterday's big jump in prices," he said.

"At the same time motorists should be aware that the apparent extent of damage in the US will mean higher prices in the medium to long term.

"For this reason we're renewing our call on whoever forms government after the election to immediately look at suspending the five cent roading levy to provide some relief for families.

"When the Government announced the introduction of the five cent levy, petrol prices were around a dollar a litre and the government was collecting around 11 cents in GST per litre. Now that petrol is over $1.50 they're collecting 16 to 17 cents in GST and the windfall difference, which was not budgeted for, more than covers the five cent roading levy needed to pay for better, safer roads," he said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news