Fuel prices may be unreasonable - Govt inquiry

04 Juillet, 2017, 16:30 | Author: Claudine Rigal
  • This chart shows retail gross margins or the difference between what companies pay and what they sell petrol for over the last four years

A government ordered inquiry says fuel prices at the pump may not be reasonable - and higher prices in the south of the country may be subsidising prices in the north.

The Fuel Market Financial Performance Study was commissioned by the Ministry of Business, Innovation and Employment after many complaints about the cost of petrol.

The market had features which "may not be consistent with a workably competitive market", its report said.

Retail margins have increased "significantly" in the last five years - but those in the South Island and Wellington have increased at a faster rate than margins in the rest of the North Island.

MBie previous year contracted external consultants, comprised of NZIER, Grant Thornton and Cognitus Economic Insight, to do a Fuel Market Financial Performance Study on its behalf.

The study showed that while the profit margin in fuel has risen, price differences are not explained.

Jacksonville man scheduled as first Florida execution in 18 months
But after more than a year of wrangling in the state Legislature and the courts, Scott is picking up where he left off. Supreme Court released a decision deeming the method Florida used to sentence people to death unconstitutional.


Malema land grab case postponed to Thursday
Charges were laid against Malema after he told EFF supporters in Newcastle past year to occupy any piece of land they wanted. Malema's pending challenge to the constitutionality of the act is awaiting a date from the Constitutional Court.


Nordic American Offshore (NYSE:NAO) Receives Coverage Optimism Rating of 0.70
The stock of Nordic American Tanker Ltd (NYSE:NAT) has "Underperform" rating given on Tuesday, May 10 by Jefferies. Qvt Financial Lp sold 1.47 million shares as Nordic American Tankers Limi ( NAT)'s stock declined 15.71%.


"There were difficulties in comparing the information received from the companies, and some very specific information that was required could not be obtained".

"This could mean fuel prices in the North Island are subsidised by prices across the rest of the country", the study says.

"This is a very complex area and the Study takes us a significant step forward in our understanding".

"I have now instructed my officials to assess the recommendations of the study and report back to me by November".

"Furthermore, the Market Studies powers announced recently by the Minister of Commerce and Consumer Affairs will give the Government the option to direct the Commerce Commission to undertake a further competition-specific fuel market study, backed by the ability to require comparable data across companies. There is now no legal mechanism to do this".

Conseillé:

  • Austria to control Italy border, send armoured vehicles to block migrants: ministry

    Austria to control Italy border, send armoured vehicles to block migrants: ministry

    Four armored vehicles have already been sent to the area and 750 soldiers are on standby, according to Krone Zeitung. He was cited as saying that this move was "indispensable if the inflow into Italy does not ease".
    Landis+Gyr plans IPO in Q3

    Landis+Gyr plans IPO in Q3

    Managers in Japan are said to have courted acquisition bids for the Swiss subsidiary, which had been expected to fetch about $2bn (€1.75bn).
    Rajasthan ATS detains suspected ISIS operator from Chennai

    Rajasthan ATS detains suspected ISIS operator from Chennai

    Rajasthan ATS is conducting a background check on him and is also checking his bank accounts to check the money flow. The report states that Haroon has been taken to an undisclosed location for further questioning and investigation.
  • See What Happens To Mans P*nis After Accidentally Sitting On Gun

    See What Happens To Mans P*nis After Accidentally Sitting On Gun

    He was carrying a handgun in the waistband of his trousers when it slipped, fell onto the ground and went off. She followed him and saw that he had a trauma to his penis and she took him immediatelly the hospital.
    The BidaskClub Upgrades Bristol-Myers Squibb Company (BMY) to Buy

    The BidaskClub Upgrades Bristol-Myers Squibb Company (BMY) to Buy

    Sii Wi reported 30,367 shares. $681,240 worth of Bristol-Myers Squibb Co (NYSE:BMY) shares were bought by Samuels Theodore R. Parkside Financial Bank & Trust decreased Ishares Tr (EFV) stake by 8,518 shares to 35,114 valued at $1.66M in 2016Q4.
    Coca-Cola Company (The) (NYSE:KO) Shares Sold by Bartlett & Co. LLC

    Coca-Cola Company (The) (NYSE:KO) Shares Sold by Bartlett & Co. LLC

    It improved, as 39 investors sold Hasbro, Inc. shares while 169 reduced holdings. 0 funds opened positions while 1 raised stakes. The company reported $0.43 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.44 by $0.01.
  • Samsung's Bixby-powered speaker is on its way

    Samsung's Bixby-powered speaker is on its way

    Samsung is reportedly developing a smart speaker powered by its digital assistant Bixby. Amazon is the current market leader, with its Echo speaker holding a 70% market share.
    Derby County close to completing Liverpool defender transfer

    Derby County close to completing Liverpool defender transfer

    It helps that I have been here before so I am familiar with some of the players and staff, as well how the club works, so it made the decision easy.

    Boston Research & Management Inc. Maintains Position in Illinois Tool Works Inc. (ITW)

    Pacific Heights Asset Management LLC's holdings in Illinois Tool Works were worth $14,174,000 as of its most recent SEC filing. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock.
  • EPS for ABB Ltd (ADR) (ABB) Expected At $0.30

    If you are viewing this report on another website, it was stolen and reposted in violation of USA and global copyright law. ZWJ Investment Counsel Inc. acquired a new position in ABB during the first quarter valued at approximately $234,000.
    Vamshi Paidipally To Visit the USA

    Vamshi Paidipally To Visit the USA

    According to sources the film is based in U.S. and Vamshi will be shortly flying to US scouting for locations. On the other side, Vamshi Paidipally is busy wrapping up the pre-production work his next with Mahesh Babu.
    Manchester United target set to be offloaded by Real Madrid

    Manchester United target set to be offloaded by Real Madrid

    Mbappe has emerged as a key target for a number of Europe's leading clubs this summer, with Arsenal and Liverpool also reported to be interested in the 18-year-old France global .


Populaire

Neuburgh Advisers LLC Raises Stake in American Express Company (NYSE:AXP)
The stock of American Express Company (NYSE: AXP ) has "Underweight" rating given on Friday, September 9 by Atlantic Securities. After posting $1.34 EPS for the previous quarter, American Express Company's analysts now forecast 8.21 % EPS growth.

Les présidents de la Commission européenne et du Parlement s'écharpent à Strasbourg
Jean-Claude Juncker, furieux, s'est accroché ce mercredi avec Antonio Tajani, le président justement du Parlement européen.

MC Solaar va ressortir un album, le premier en dix ans
Dans un court entretien avec le journal Le Monde , MC Solaar a confié qu'il prévoyait de sortir un nouvel album d'ici fin 2017. Les plus impatients seront ravis d'apprendre qu'un premier single devrait paraître dès cet été.

GST impact: Tamil Nadu theatres remain shut for second consecutive day
He pointed out apart from Tamil Nadu, southern states have desisted from levying additional tax on cinema over and above the GST. Actor-filmmaker Kamal Haasan on Monday said, "Filmmaking in the state has been made hard deliberately". "We will speak later".

N.Korea test-fires missile, Trump tweets
He also reiterated that an era of "strategic patience" over North Korea's nuclear and ballistic missile programs had ended. Reacting to the development on Twitter , Trump said, " North Korea has just launched another missile".

Top Gun: Maverick Release Date, Director Announced
Even though this all sounds good on paper, it will be the execution that ultimately dictates the quality of movie audiences get. The other actors included in the original were Kelly McGillis, Anthony Edwards, Val Kilmer and Meg Ryan.

Jennifer Lawrence among the stylish stars at Dior show
The Oscar victor - who welcomed her second child in February - completed her sophisticated look with pearl jewellery. Model Karlie Kloss, 24, served up a splash of colour in her floor-length mustard frock.

Sylvester Stallone hints Creed 2 could connect to Rocky IV
Sylvester Stallone has been teasing fans with details about the sequel to the surprisingly excellent Creed , his Michael B. Jordan-led extension of the Rocky franchise that followed the son of the Italian Stallion's great rival Apollo.

Laptop Ban Lifted From Abu Dhabi Airport
Their efforts are a model for both foreign and domestic airlines". "We are one of the safest airports in the world and we hope that our passengers feel even more secure with these additional security measures".

Asus ZenFone AR releasing in India on July 13
Other specifications on the Asus ZenFone AR include 8GB of RAM and a 23 megapixel camera, the device is a Project Tango Handset. It comes with a 5.7-inch QHD Super AMOLED display, a 23MP rear camera, 8MP front-facing camera, 64/128/256GB storage options.