Denial That Petrol Prices Are To Rise

Wanganui Chronicle, 5 November 1949, Page 4

Denial That Petrol Prices Are To Rise

WELLINGTON, Yesterday (PA).— There will be no need for an increase in the price of petrol for some months.

This was stated to the “Post” today by the Minister of Industries and Commerce (Mr. Nordmeyer), in a telephone interview at Oamaru, in answer to reported statements that the price would rise from 3d to 4d a gallon before long, but that the new price was unlikely tf be officially announced until after the general election.

“Persons supposed to be ‘closely associated with industry’ who released to the Press yesterday a statement that the retail price is to be increased from 3d to 4d a gallon in the near future appear to be well astray in 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 for an increase for some months. No departure from the procedure which has operated for many years in fixing local prices is called for. Not only are substantial stocks in hand that were purchased at prices into which devaluation does not enter, but considerable credits which accrued from falling overseas prices prior to September 19 are available to offset increases in landed costs after that date.’’