New Zealand's Commerce Commission finds fuel pricing tactics costing motorists $15m annually, with slow price drops causing overpayments.
New Zealand's Commerce Commission discovered that fuel companies' pricing tactics are costing motorists approximately $15 million annually. The Commission found that fuel prices rise quickly in response to higher costs, but decrease slowly when global oil prices fall or exchange rates change. The delay in dropping prices may result in consumers overpaying for fuel. The Commission will monitor pricing tactics, especially in the Auckland region, where the regional fuel tax is to be removed.
June 10, 2024
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