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BP Gives Motorists Good News

For Immediate Release
22 March 2000

BP GIVES MOTORISTS
GOOD NEWS

BP has dropped the price of petrol by two cents a litre from 3.30pm today (22 March, 2000) in response to easing crude oil prices.

The drop lowers the price of petrol at most BP company-owned service stations in the main centres to 1.009 cents (Unleaded 91) and $1.04.9 (Premium Unleaded).

Crude prices have dropped by around US$2 a barrel since early March after peaking at around US$29 earlier in the month. However, the cost of ready-made petrol and diesel has not dropped to the same level.

General Manager Peter Griffiths said the drop shows BP’s commitment to quickly passing on to motorists the benefits of easing in international oil costs. He said BP was taking a gamble, because no-one could predict how long the lower prices would remain.

Mr Griffiths also stressed that BP had not profiteered from recent higher petrol prices, in fact the company had taken a loss rather than pass on further price rises to the public.

“The competitive market restricted our price increase on 8 March to three cents a litre when six or seven cents would have been closer to the mark. If we had passed on the extra costs we were incurring, then motorists would pay around $1.10 per litre of petrol today.”


Mr Griffiths said he understands the public’s frustration with rising prices and said that the past few months have been particularly tough on BP as well.

However, he said it is very encouraging to see pressure building within OPEC (Organisation of Petroleum Exporting Countries) to boost production. “Hopefully this means that prices will drop further,” Mr Griffiths said.

ENDS

For further information, please contact:
Jane Diver, Communications Manager
Phone: 04 495 5656
Pager: 026 105 169
Mobile: 025 575 668

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