2d CUT IN PETROL
Profit Margin Increased id
(From Our Parliamentary Reporter) WELLINGTON, July 21. Twopence a gallon was taken off the Customs duty on petrol at midnight this evening, bringing the main port price to 3s 4d a gallon. An increase of id a gallon in the retailers’ margin was also given by Mr Nordmeyer, the Minister of Finance, in his Budget, but this will not be met by the motorist.
The reduction in the price of petrol leaves 2d of the additional Is imposed by the 1958 Budget. Mr Nordmeyer said the Minister of Industries and Commerce (Mr Holloway) had investigated petrol retailers’ claims for a higher profit margin. The inquiry showed that retailers costs had increased, particularly since week-end opening had become general. It had been decided to increase the margin by Jd a gallon, which normally would result in an increase in price, but as the petrol pool now had a substantial credit because of somewhat lower landed costs in recent months, tile increased margin would be financed from the pool.
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Press, Volume XCIX, Issue 29263, 22 July 1960, Page 13
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1752d CUT IN PETROL Press, Volume XCIX, Issue 29263, 22 July 1960, Page 13
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