There has been a lot of talk about the price of petrol recently. It’s clear to see that Prime Minister Jacinda Ardern is right when she says that New Zealanders are being fleeced by the petrol companies, and it is outrageous that we are paying some of the highest petrol prices in the OECD.
Just look at the facts when it comes to the price increase. In less than a year petrol prices jumped up 39 cents, and only seven cents of that is from the fuel excise, so 32 cents are importer’s margins and costs.
It is unfortunate to see Simon Bridges be so hypocritical over the cost of petrol, as when he was in government, he oversaw a rapid increase in petrol companies’ profit margins and did nothing, while increasing excise by 17 cents at the same time. This government is taking action.
Given the concerns about anti-competitive behaviour in the fuel market, we are passing a law which will tool up the Commerce Commission to investigate the petrol market, including giving them the powers to force the petrol companies to hand over records and comply with an investigation.
This week’s release of the latest climate change report from the IPCC shows that we have only 10 years to adapt to climate change or risk catastrophic results.
We must continue to plan for better public transport, but we will do that by also holding the big oil companies to account so that they can't price gouge us at the pump.