Bryan Chapple: Commerce Commission Commissioner on major fuel companies being slow to bring prices down

Competition is starting to improve in the fuel market.  The Commerce Commission has called out retailers for being quick to put prices up, but slow to bring them back down.  They believe it’s costing motorists $15 million a year.  Bryan Chapple, Commerce Commission Commissioner, told Mike Hosking that there's no evidence its collusion, but rather companies just aren’t incentivised to lower their prices.  He said that companies such as Gull and Waitomo coming into an area and building stations forced majors to lower their prices to match.  LISTEN ABOVE See omnystudio.com/listener for privacy information.