THE PRICE OF PETROL

Press, Volume LXX, Issue 21087, 12 February 1934, Page 8

THE PRICE OF PETROL

♦ No Action by the Government STATEMENT BY THE HON. R. MASTERS "Nothing will be done about fixing the : price of petrol," said the Minister for Industries and Commerce (the Hon. R. Masters) when spoken to on the subject by a reporter of "The Press" yesterday. The question was surrounded by tremendous administrative difficulties, said Mr Masters, and further than that the petrol selling industry, as at present established in New Zealand, was an uneconomic industry inasmuch as the country was over-supplied with service stations and bowsers, and anything in the nature of fixing the minimum retail price would be fixing an uneconomic price for an uneconomic industry, and would be a cost to the general public. There was also the suggestion, said Mr Masters, that interference by the Government in fixing a minimum price for any one commodity would naturally lead to an agitation for the fixation of prices of a number of other commodities that would, perhaps, deserve just as much consideration as petrol. Provisions of the BilJ The Motor Spirits (Regulation of Prices) Bill was introduced into the House of Representatives on December 16 and was passed almost unanimously. The act provides that in fixing the prices due regard is to be paid to the fair market value of the commodity in the countries of origin, and to the costs involved in importation, insurance, storage, sale, and distribution. The act gives the Government very complete powers over companies distributing petrol in New Zealand. Different maximum and minimum prices may be fixed according to differing conditions. Any order-in-council may fix different prices in respect to differing forms, modes, conditions, or localities of sale or supply. Different prices may also be fixed for certain classes of sales. In fixing maximum or minimum prices regard shall be paid to the fair market values of motor spirits in the several countries of origin, or in other countries from which motor spirits are commonly imported into New Zealand. Regard also shall be paid to the fair and reasonable costs of importation (including any duties or customs or other charges levied on the importation), and fair and reasonable costs of insurance, storage, sale, and distribution. Substantial penalties arc provided for breaches of the act, individuals beinK liable to a fine of £.200 and a company or a corporation to a fine of £IOOO. !