An Australian scheme designed to make oil companies accountable for fluctuating fuel prices could be introduced to New Zealand, a Government minister says.
Under the FuelWatch scheme announced last month by Australian Prime Minister Kevin Rudd, fuel companies will have to publish prices 24 hours ahead, giving motorists the opportunity to buy from the cheapest outlets.
‘‘The Government is aware of the Australian FuelWatch scheme and officials are monitoring its potential,'' Associate Energy Minister Harry Duynhoven said.
Since the petroleum sector was deregulated in 1988, fuel retailers determined prices at the pump in accordance with market conditions.
The Government was monitoring prices to ensure consumers were getting a fair deal, he said.
The Ministry of Economic Development monitors the importer margin, and the price of petrol and diesel in the main centres of New Zealand and Australia. The importer margin is the difference between the New Zealand retail price less taxes and the import price.
Automobile Association motoring affairs manager Mike Noon said the Australian Government was trying to ease the pain of higher fuel prices.
‘‘We are supportive of the fact Australia are taking the rising prices more seriously than the Government in New Zealand.'
The price of petrol in Australia could differ by up to 15c in a week, and the Rudd Government had introduced the scheme to make oil companies more competitive, he said.
Mr Rudd said no government policy could ‘‘guarantee that petrol prices will always go down. But FuelWatch will ensure that drivers don't pay one cent more than they have to . . . at the bowser''.
