Parliament

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

Gordon Campbell: On Why Shipping Is NZ’s New Trade Problem

So Jacinda Ardern and Theresa May have signed a piece of paper promising peace in our time when it comes to our trade with Britain... Right now, a statement from Theresa May on Brexit has as much credibility as a statement by Donald Trump about North Korea’s plans for scrapping its nukes. Despite her recent crushing defeat in the Commons, May is continuing to playing chicken with Britain’s future, for personal and party advantage.

Brexit is not the only concern... More>>

 

Reshuffle: National Announces Spokesperson For Drug Reform

National Leader Simon Bridges has appointed Paula Bennett to the new position of Spokesperson for Drug Reform as the Government pushes ahead with its agenda of drug decriminalisation, to signal National’s commitment to holding them to account. More>>

ALSO:

KiwiBailed: KiwiBuild Head Officially Resigns

The head of Kiwibuild, Stephen Barclay has officially resigned from the role. In a statement issued on his behalf, it was announced that he would step down from today [Friday]. More>>

ALSO:

Welfare Stats: Rise In Hardship Numbers Shows Income Inadequacy

The latest Ministry of Social Development quarterly report show that a record number of people have received hardship assistance from work and income, with an additional 40,000 hardship payments made between September and December 2018, compared to the previous quarter of the same year... More>>

ALSO:

Gordon Campbell: On MBIE’s Social Media Scam

Given the ambit of MBIE’s work, almost any form of social activity could qualify as being part of MBIE’s brief, so the privacy threats posed by this training programme are extensive. The current oversight safeguards seem threadbare to non-existent. More>>

ALSO:

JusTrade: New Campaign For A 21th Century Trade Agenda

‘Critique is no longer enough. If anything is to really change, we need to step away from the existing framework and take a first-principles approach to rethinking what will work for the 21st century.’ More>>

Earlier:

Gordon Campbell: Thompson + Clark Are The Tip Of The Iceberg

How can we tell where and how any lines are being drawn? Oversight is not exactly robust. If it were, Thompson + Clark would have been out of contention for state security work ten years ago. More>>

Trainers: Taratahi Institute of Agriculture In Interim Liquidation

Taratahi employ 250 staff and this year has provided education to over 2500 students. Taratahi owns and manages 8 farms throughout the country. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels