PETROL PRICE REDUCED
id A Gallon Off From Today
(New Zealand Press Association) WELLINGTON, December 8. A reduction of id a gallon in the price of petrol was gazetted tonight and will come into force tomorrow. The basic retail price at all ports supplied by overseas tankers will be 3s 3Jd a gallon. The Minister of Industries and Commerce (Mr Holloway) said tonight that the price .of petrol was under continuous scrutiny by the Government, and the reduction had been made because of lower landed costs. A world surplus of oil tankers had developed in recent months, and in consequence freight rates had been falling. Because of this it was possible in October to improve the quality from 79 to 83 octane without extra cost to the user. In addition to absorbing these charges, the lower landed costs now enabled a price reduction of a id a gallon to be made. The reduction meant that users would pay about £500,000 less for petrol over a year.
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Press, Volume XCIX, Issue 29383, 9 December 1960, Page 16
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166PETROL PRICE REDUCED Press, Volume XCIX, Issue 29383, 9 December 1960, Page 16
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