PETROL REDUCED

Poverty Bay Herald, Volume LXV, Issue 19622, 4 May 1938, Page 11

PETROL REDUCED

HALFPENNY A GALLON OPERATIVE TO-DAY OFFER BY COMPANIES OVERSEAS PRICES EASE (Pbp Press Association.) WELLINGTON, last night. Regulations were gazetted yesterday by which the wholesale and retail prices of motor spirits throughout all those areas of the Dominion at present covered by price fixation regulations have been reduced by Jd a gallon, the Minister of Industries and Commerce, the Hon. D. G. Sullivan, stated yesterday afternoon. Similar reductions are also being made by oil companies in those areas where the price has not yet been fixed by regulation. This reduction will take effect from this morning.

"The position generally regarding the price of this commodity is receiving the constant attention of the Government," said the Minister, and I am pleased to be able to indicate that I have received the co-operation of the oil companies in regard to the problems in connection with petrol matters generally, with which I have been faced as Minister."

After referring to the easing of overseas prices and the reduction in "tanker freight, the Minister said it was hoped that the easing in overseas prices would continue. As soon as the occasion warranted it. the Government would lose no time in taking the necessary step toward effecting further reductions. Offer of Companies The Minister stated that since the recent rise in the price of petrol the position had been closely watched. "My department has been in contact with the oil companies in connection with a possible reduction, and with recent quotations received from overseas," continued Mr. Sullivan. "It is recognised by the companies that a reduction of Id. a gallon could 'be effected. The oil companies themselves approached me to advise that there had 'been* an easing off in overseas prices and tanker freight rates, with the result that Jd a gallon reduction In the price could be effected. The figures have subsequently been examined by my department and found to be justified."

GISBORNE REDUCTION A reduction of id per gallon in the price of petrol will operate in Gisborne from to-morrow, according to advice received to-day from Mr. R. W. J. Edwards, secretary of the Poverty Bay Petrol Resellers' Association. The prices which will rule from tomorrow will be 2s 4Jd per gallon for first grade and 2s 5Jd for super.