FALSE REPORT OF EARLY RISE IN N.Z. PETROL PRICE

Grey River Argus, 5 November 1949, Page 5

FALSE REPORT OF EARLY RISE IN N.Z. PETROL PRICE

WELLINGTON, Nov. 4 There will be no need for an increase in the price of petrol Tor some months. This was stated by the Minister of Supply, Mr Nordmeyer, in a telephone interview from Oamaru, in answer to reported statements that the price would rise from 3d to 4d per gallon before long but that the new price was unlikely to be officially announced until after the General Election. “The persons supposed to be ‘closely associated with the industry,’ who released to the press yesterday <he statement that the retail price is to be increased from 3d to 4d per gallon in the near future,> appear to be well astray with their facts,” said the Minister. "The facts, which are in the possession of the Government and have been, supplied by the oil companies, indicate that there will be'no need fori an increase for some months. No departure from th e procedure which has operated for many years in the fixing of local prices is called for. "Not only are substantial stocks in hand that were purchased at prices in which devaluation does not enter, but considerable credits which accrued from falling overseas prices prior to September 19 are available to offset the increases in landed costs after that date,” he concluded.