MPs Debate Oil Levy Bill

by Desk Editor on Wednesday, February 11, 2015 — 4:47 PM

The Government adjourned the debate in reply to the Prime Minister’s Statement just after 4.30pm and began debate on the committee stage of the Energy (Fuels, Levies, and References) Amendment Bill.

The bill expands the purpose of the Petroleum or Engine Fuel Monitoring Levy to include the cost of meeting the oil stockholding treaty obligation. It will help meet an obligation of about $10 million by 2016-17, and a shortfall of around about $20 million over the next 3 years. The levy will increase the price of petrol about 0.045 cents per litre.

New Zealand’s international treaty obligations require it to have 90 days of oil reserves. This is met with the holding of ‘tickets’ for offshore supplies which the levy will fund.

It was only opposed by NZ First at the second reading stage.

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