Minister must protect Kiwi motorists

The Minister of Energy, Pete Hodgson must act now to see that New Zealand motorists benefit from the effects of falling oil prices, Opposition Energy spokesperson Pansy Wong said today.

“Now that oil prices are falling, I would like to know what he is doing to see that the effects will be passed on as rapidly as crude oil price increases were a few months ago.

“The oil companies are very good at passing on increases. But they are much more tardy when it comes to passing on lower prices to the petrol pump,” Ms Wong said.

In the year to January, New Zealand petrol prices rose by about 11 cents a litre, while crude oil prices increased from about US$10 to US$30 per barrel.

“From a nine-year high of US$31.95 on 7 March, Brent blend crude oil had by today fallen to US$25.21 a barrel.

“With that sort of movement in prices, motorists should soon start feeling it in what they pay at the service station.

“I call on the Minister of Energy to ask his officials to investigate whether oil companies are acting quickly enough.

“At the very least he should be speaking out on behalf of consumers and sending a very firm signal to oil companies.”

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