Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Petrol Cos. responsible for interest rates rises

Petrol companies responsible for interest rates rises or freezing wages


The failure of petrol companies to pass on lower oil prices to consumers could mean we will be facing higher interest rates or a wage freeze.

Today the Reserve Bank Governor said that unless wages are allowed to be eroded by inflation, interest rates may increase.

"Petrol prices have increased by 14% since February, over the same time crude oil prices, adjusted for the value of the NZ dollar, have actually decreased," Deputy Prime Minister Jim Anderton said.

"Petrol price increases have significantly contributed to the inflation rate. Today the Reserve Bank Governor suggested that a wage freeze or an increase in interest rates may be necessary because of continuing high petrol prices.

"It is appalling that petrol companies can hold the country to ransom.

"Crude oil prices started falling on the 17th of July. They are now lower than they have been for five months. But petrol prices have not moved down.

"Petrol companies put the price of petrol up much faster than they bring it down.

"If interest rates rise, it is not workers or businesses who are to blame but the failure of petrol companies to pass on lower oil prices to consumers," Jim Anderton said.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news