PRICE OF PETROL

Southland Times, Issue 19459, 26 January 1925, Page 5

PRICE OF PETROL

INCREASE IN AMERICA. MAY BECOME WORLD-WIDE IN ITS INCIDENCE. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) NEW YORK, January 23. (Received January 25, 7.5 p.m.) Following a sensational decline in petrol prices during the mid-year of 1924, the commodity has made a proportionately high advance at New Year, reaching high levels nearly everywhere throughout the nation. The Standard Oil Company announced a cent and a-half increase per gallon to-day, representing a total of 3| cents since January 1. Other companies have followed this example, lifting the price throughout the East, South and Central West, and bringing the wholesale price to approximately 22J cents and the retail price to between 25 and 28 cents, depending on the locality. The crude oil market has responded, the proportionate increases varying 25 to 50 cents and barrel prices now being from 105 to 325 cents per barrel, depending on grade and quality. Shares in oil companies on the Stock Exchange reflected the increase, large gains being reported on nearly all issues, the Standard Oil, as well as independent companies. It is expected that the increased petrol prices will shortly be reflected in export quotations, bringing probably corresponding increases in Australasia, Europe and the Far East. The depletion of stocks of many independent companies and the enforced diminution of output in order to offset last year’s disorganisation in oil production is believed to be responsible for the increase in prices.