The Government should tell the oil companies to lower petrol and other fuel prices immediately because of a reduction in crude oil prices, said the New Zealand First Energy spokesman, Peter Brown.

Mr Brown said that the latest information was that crude oil prices had tracked down to $US26 a barrel and this was considerably less than the amount quoted publicly to justify recent petrol and diesel price rises.

“The oil companies increased petrol and other fuel prices by about twenty five per cent in a few short months – citing increased crude oil prices - and the cost of this is spreading through every part of the economy.

“Surely, when crude oil drops, these prices should be reduced and in light of this I have written to the Energy Minister, Pete Hodgson, for an updated report on fuel prices.

“Motorists and Transport Operators are concerned that the Minister has been sitting on his hands instead of keeping an eye on the oil companies,” said Mr Brown.

ENDS

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