Just exactly how much more are we paying for petrol?

via ODT


Energy and Resources Minister Judith Collins announced the study on Thursday, saying data showed fuel margins have more than doubled during the last five years.

“What I would really like to see happen and what I’m sure most New Zealanders would like to see happen is for those prices to come down or to look more transparent to people,” Ms Collins said of the review, which will be carried out by the Ministry of Business, Innovation and Employment by June.

The study will focus on returns against cost and will determine if companies are making “super-normal” profits.

Ms Collins said it could be done quickly but would require industry co-operation, something the chief executives of the four main companies had assured her.

“It is in the best interests of everyone, including oil companies, to make sure New Zealand has quality, reliable and reasonably priced fuels,” she said.

No doubt the big oil companies are well versed in seeing off these kinds of reviews.  But it is important that they feel a little pressure.  The cost of fuel is a component of just about everything we pay for and it is the easiest way to keep the pressure off inflation.


– NZN via Yahoo! News

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