Energy Minister Gerry Brownlee has called for petrol companies to make immediate price cuts, accusing them of holding prices to capitalise on the peak holiday driving period.
"I would be disappointed if the oil companies are waiting until after the holiday season and high volume sales period before deciding to act," Mr Brownlee said.
New Zealand petrol companies cut the price of 91 octane petrol to 139.9 cents a litre on December 5, taking it to its lowest since February 2007. However, record low prices internationally for crude oil, combined with a slight rise in the value of the New Zealand dollar, gave petrol companies even more room to move, Mr Brownlee said.
"I can't help but think the time for further price reductions has arrived."
And voila!! The 10am news on National Radio has just announced that Shell has cut prices by 4 cents/litre, with others expected to follow suit. That's welcome news for this motorist, who is due for a fill-up today, and has a long drive home at the weekend. Thank you Gerry!