Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BP Lifts Petrol Prices

For Immediate Release
4 May 2000


BP LIFTS
PETROL PRICES

BP Oil New Zealand Ltd is lifting the price of petrol by three cents a litre, effective immediately.

The increase is due to rising crude oil costs and increases in the cost of already refined petrol. BP imports about 45% of its petrol ready-refined from refineries in Australia and Singapore.

This crucial ‘product market’ for petrol has jumped from NZ$55 to NZ$62 per barrel in the past three weeks due to refinery shut-downs in Asia and industrial action at refineries in Australia. Crude oil also rose from NZ$41 to NZ$48 per barrel in the same period.

The increase takes the price of petrol at most BP company-owned service stations in the main centres to 98.9 cents (Unleaded 91) and $1.039 (Premium Unleaded).

Managing Director Peter Griffiths said the price rise is regrettable, but inevitable as regional product prices rise and crude oil costs increase, despite earlier optimism following OPEC’s decision to boost oil production.

“We have seen an upward movement in these costs for a few weeks, but resisted lifting our prices in the hope they would soon drop again.”

“I’m expecting the current higher refining margins will be short-lived as refineries resume normal operations, but the reality is the fuel market is extremely volatile. Motorists may have to get used to frequent price fluctuations.”

This increase is the first since March 8, 2000 and follows five rapid price drops.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Industry Report: Growing Interactive Sector Wants Screen Grants

Introducing a coordinated plan that invests in emerging talent and allows interactive media to access existing screen industry programmes would create hundreds of hi-tech and creative industry jobs. More>>

ALSO:

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: