Crude oil at 2004 prices, but petrol is 63% more expensive

Press Release – New Zealand First Party

New Zealand First is questioning the Government over why 91 Unleaded is 63% higher than in 2004, when crude oil has crashed to 2004 price levels.Rt Hon Winston Peters
New Zealand First Leader
Member of Parliament for Northland
31 DECEMBER 2015

Crude Oil at 2004 Prices, But Petrol is 63% More Expensive

New Zealand First is questioning the Government over why 91 Unleaded is 63% higher than in 2004, when crude oil has crashed to 2004 price levels.

“The government is ripping off drivers and truckies and must be held to account,” says the Rt Hon Winston Peters.

“As crude oil falls back to 2004 prices, why are petrol and diesel prices at the pump nowhere near what they were in late 2004? And given crude oil is set to fall even further why doesn’t the price at the pump reflect that?

“AA Petrolwatch tells us that in late 2004 and January 2005, the average nationwide pump price for Regular 91 was $1.13 to $1.19 a litre, with Premium Octane fuel 5-6 cents more.

“How can prices be almost 63% higher today – a difference of 66 cents to 72 cents a litre? Even the differential for Premium Octane fuel has pushed out to nine cents while diesel prices are about one-third higher today, than they were in 2004.

“National has treated Petrol and Diesel as cash cows, with over 22% of the per-litre increase coming directly from National’s GST increase, National’s ETS mess and National hiking up petrol duties and Road User Charges as stealth taxes.

“This is ripping off all motorists and New Zealand First is demanding an inquiry in to Rack Pricing,” Mr Peters said.

ENDS

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