What is Shells view in regard to the current petrol pricing review and also in relation to projects such as Western Australian “Fuelwatch” system?
An overview of some of the key findings of the recent Government review into fuel prices: • “There is nothing in this review that would indicate a detailed inquiry into the New Zealand petrol market would come to any different conclusion to the ACCC inquiry; the petrol market in New Zealand is fundamentally competitive…” • “Analysis shows that recent price increases are due to increase in crude oil (85%) and increases in taxes (15%). While there is week to week variation in refining costs and importer margins they have had no significant impact on the long term trend…” “Retail margins appear to be small with gross margins around 4.2 cents per litre…” “Contrary to consumer perceptions, retail prices go down as quickly as they go up.” • “There is no evidence of collusive behaviour amongst the oil companies…” • “Like Australia, New Zealand has one of the cheaper petrol prices in the OECD…” A full copy of the report is available at www.med.govt.
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