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2c a litre for N.Z.

PA Wellington By next April, New Zealanders can expect to pay an extra 2c a litre for petrol — about 7.5 c more a gallon. Half of the increase will stem from the price rise already announced for April 1 by the Government — and the -emaining 1c from the Qatar decision by the world’s leading oil producers to agree to a twotier price increase for crude oil. The O.P.E.C. rise takes effect from January 1 but the flow-through impact is

not expected to reach New. Zealand until existing fuel stocks are exhausted. The Prime Minister (Mr Muldoon) yesterday said he expected that the Qatar dedision would mean an increase locally of 1c a litre. Oil industry officials could not be contacted last evening for comment. The industry as a whole is expected to make formal application for a “rubber stamp” price increase in the New Year. Earlier yesterday, spokesmen for most of the major companies said an O.P.E.C. increase would inevitably lead to a

higher retail price in New Zealand. The president of the Manufacturers’ Federation, (Mr Lloyd Brown) said the increase, between 10 and 15 per cent, was “very disturbing.” It was a serious blow to the balance-of-payments situation, and would result in a slower recovery by New Zealand’s trading partners, he said. It would lead to less demand for New Zealand exports. Internally, the increase would raise the rate of inflation.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19761218.2.3

Bibliographic details

Press, 18 December 1976, Page 1

Word Count
237

2c a litre for N.Z. Press, 18 December 1976, Page 1

2c a litre for N.Z. Press, 18 December 1976, Page 1

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