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BP Lifts Petrol Prices Four Cents

BP Oil New Zealand Ltd is lifting the price of petrol by four cents a litre at its company-owned service stations from 2pm today.

The increase takes prices at most BP company-owned service stations in the main centres to $1.079 (Unleaded 91) and $1.12.9 (Premium Unleaded). Diesel prices will not change.

BP will also lift its wholesale prices - what privately-run BP service stations pay for fuel - by four cents from midnight tonight.

Today’s increase is due to high crude oil costs, increases in already-refined petrol and the weak NZ dollar.

BP last increased its petrol prices by five cents on 16 May. Since then, the market for ready-made fuel has jumped from NZ$69 per barrel to due to NZ$76. BP imports about half of its petrol ready-refined.

Crude oil costs also rose from NZ$57 to $58 per barrel in the past week.

BP’s Managing Director Peter Griffiths said he deliberated long and hard before coming to the reluctant decision that BP had no choice but to increase its prices.

ENDS

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