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Petrol more expensive despite lower crude prices

26 July 2000 Media Statement

Petrol more expensive now than in February despite lower crude oil prices

The Deputy Prime Minister is calling for lower petrol prices following data that shows petrol prices are 14% higher now than they were in February despite crude oil prices being 2% lower now than they were then.

"Since the end of February crude oil prices have decreased by 2%. But Petrol prices have increased by 14% since February," Jim Anderton said.

"It is now time for the reduction in crude oil prices to be passed on to New Zealanders in the form of lower petrol prices.

"Instead of expensive rebranding exercises, the best thing petrol companies can do to restore public confidence in themselves is to pass on lower oil prices as soon as they can.

"It seems that the major petrol companies are very quick to increase prices when oil prices rise, but are very slow to decrease them when oil prices fall.

"Only last week I met with Gull Petroleum which manages to deliver petrol about 5 cents cheaper than the big oil companies, despite facing tough competition.

"If a small new player in the market can afford to pass on lower petrol prices to consumers why can't the large oil companies follow suit?" Jim Anderton said.

Date Average Petrol prices (cents) Crude oil price ($NZ)
28 February 2000 97.9c $58
24 July 2000 111.9c $56.61
Change Feb-July +14c(+14%) -$1.39 (-2%)

ENDS

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