More work is needed before petrol companies will face any tougher probes into how they set prices, Commerce Minister Lianne Dalziel said.
Speaking after a meeting with the Automobile Association yesterday, Ms Dalziel said she had asked officials to report on whether a price warning system requiring oil
companies to tell consumers their petrol prices a day in advance could work in New Zealand.
A report by the Australian Competition and Consumer Commission led to the system's introduction there, where it will be extended from Perth across the whole country in December.
Ms Dalziel said the system, which requires companies to keep their prices the same for at least 24 hours, helped consumers to decide where and when to buy their petrol.
On Sunday she said she would look at imposing a similar system here. But yesterday the minister said nothing would go ahead until officials had worked out how similar our petrol market was to Australia's.
She said the Ministry of Economic Development would work with the AA to get more up-to-date information about petrol prices on the ministry's website.
"We do want to see some transparency and part of that is to enable people to have a better understanding of how petrol pricing works."
AA motoring affairs head Mike Noon welcomed the minister's plan, saying it offset some of the uncertainty and concern among petrol buyers.
"It's a very good outcome," he said. "I'm not saying there's anything wrong with the New Zealand market, but let's make sure there's not."
Both Ms Dalziel and Mr Noon said it was too early to say whether New Zealand would benefit from a petrol commissioner like Australia's.
