Crude oil boost unlikely to reduce petrol prices

10:55 AM

The decision by OPEC to increase crude oil production is likely to pass unnoticed by motorists at the pumps.

OPEC Ministers meeting in Vienna, have agreed to raise production by 800,000 barrels a day or 3 per cent.

BNZ Chief Economist Tony Alexander says the promise to raise production again in November may help shift the price of crude oil down from the $30 US mark.

But Mr Alexander says that is not enough to force pump prices down in New Zealand.

- IRN