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BP Drops Petrol 1 Cent, Diesel 2 Cents

For Immediate Release
7 April 2000

BP DROPS PETROL 1 CENT,
DIESEL 2 CENTS

BP has dropped the price of petrol by one cent a litre and diesel by two cents a litre in response to easing world oil markets.

The drop, which take effect immediately, lowers the price of petrol at most BP company-owned service stations in the main centres to 97.9 cents a litre for Unleaded 91, $102.9 for Premium Unleaded and 64.5 cents for diesel.

Since Tuesday (April 4) when BP last dropped its prices, Dubai crude prices have come down by around NZ$1. The crucial ready-refined petrol market - BP imports about half of its petrol - has also eased off, and diesel, initially slow to show any movement, is now finally starting to move down.

The recent spate of petrol price decreases is largely due to OPEC (Organisation of Petroleum Exporting Countries) deciding a fortnight ago to boost production. Since then New Zealand motorists have seen four price drops (including today’s) lowering petrol prices by 5 cents.

BP Managing Director Peter Griffiths said BP’s decision to drop its prices again so fast demonstrates that BP will quickly pass on the benefits of lowering crude and product costs to motorists.

“We want to dispel for once and all the myth that we are slow to put down our prices, but quick to put them up.”

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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