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The Government gives the Commerce Commission control over petrol prices

Author
Newstalk ZB,
Publish Date
Wed, 9 Nov 2022, 6:52pm
(Photo / File)
(Photo / File)

The Government gives the Commerce Commission control over petrol prices

Author
Newstalk ZB,
Publish Date
Wed, 9 Nov 2022, 6:52pm

The Government's rolling out a package to maintain supply stock resilience by telling importers and wholesalers they must keep minimum fuel stocks onshore.

A regulatory backstop will also let the Commerce Commission set fair prices, if needed.

But Energy and Resources Minister Megan Woods says it's not about intervening just because the price is too high. A new lever for setting fuel prices isn't about control, but for protecting customers.

Megan Woods says if they're behaving in a way they shouldn't, or in a way that is unfair to consumers, then they have the ability to step in.

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