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New Year Fuel Price Cut Call

Hon Gerry Brownlee
Minister of Energy and Resources

28 December 2008 Media Statement

New Year Fuel Price Cut Call

Energy and Resources Minister, Gerry Brownlee, says it's time for local oil companies to stop monitoring and start nudging down fuel prices for New Zealand motorists.

International crude oil prices have been sitting at a record low of between US 35 and 37 dollars a barrel in recent weeks, while at the same time the New Zealand dollar has reached new highs against the US dollar.

"Local oil companies made some solid price reductions in petrol and diesel during November and I want to acknowledge those price cuts," said Mr Brownlee.

"But like many consumers I can't help but think the time for further price reductions has arrived, and I would be disappointed if the oil companies are waiting until after the holiday season, and high volume sales period, before deciding to act," he said.

ENDS

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