PETROL PRICES DOWN

Wanganui Chronicle, Volume 80, Issue 103, 4 May 1938, Page 9

PETROL PRICES DOWN

HALFPENNY A GALLON REDUCTIONS IN CHARGES. [ Per Press Association.! WELLINGTON, May 3. Regulations were Gazetted to-day whereby the wholesale and retail prices of motor spirits throughout all those areas of the Dominion at present covered by the price-fixation regulations have been reduced by one halfpenny a gallon, the Minister of Industries and Commerce, the Hon. D. J. Sullivan, stated this 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 to-morrow 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 problem 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 rates, 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. The Minister stated that since the recent rise in the price of petrol the position had been closely watched and he added: “My department has been in contact with oil companies in connection with a possible reduction and with the recent quotations received from overseas it was 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 the id a gallon reduction in price could be effected. The figures have subsequently been examined by my department and have been found to be justified.”