Motorists who suspected they are being rorted by petrol companies need look no further than BP’s record profits announced today, says Labour’s Consumer Affairs spokesperson David Shearer.
“BP New Zealand experienced a 16 per cent drop in sales volume in 2015, but made a record profit for its overseas owners.
“It looks to have taken advantage of volatile oil prices, being quick to raise prices at the pump when oil prices rise, and slow to drop them when they fall, thereby increasing their margins.
“This highlights the ongoing problem of competition in New Zealand’s petrol sector, and the unwise decision by the Commerce Commission to allow Z Energy to take over Caltex stations, thereby decreasing the number of players in the petrol market.
“Middle New Zealand knows it isn’t getting a fair go over petrol prices.
“New Zealand is a small country but increasingly we are being stiffed by international corporations that see us as a handy way to make profits on items that are a necessity,” says David Shearer.