PETROL PRICE

Otago Daily Times, Issue 26541, 16 August 1947, Page 6

PETROL PRICE

PENNY INCREASE EFFECTIVE FROM TO-DAY HIGHER LANDED COSTS P.A. WELLINGTON, Aug. 15. “ The retail price of petrol will be increased by one penny a gallon as from to-morrow, Saturday,” said the Minister of Industries and Commerce, Mr Nordmeyer, to-night. The minister said that due to advances in the landed cost of petrol it had become necessary to raise the wholesale and retail prices. Actually landed costs had progressively increased to an aggregate of Twopence per gallon since the last price adjustment was made, but the Government had decided to reduce wholesale and retail margins each by a halfpenny per gallon. The consumer would therefore pay one penny per gallon more. The resellers’ margin, which was r.ow 3£d a gallon, had been reduced to three pence, said Mr Nordmeyer. This retail profit margin was increased from 3d to 3£d during the war when rationing considerably reduced tbe amount of petrol sold, but after careful examination of the present financial position of the industry, the Government had decided to revert to the former margin, which, was considered to be a fair one. At the main ports the new retail price will be 2s Bjd per gallon.