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BP Gives Motorists A 2 Cent Price Drop

BP Oil New Zealand Ltd dropped the price of petrol by two cents a litre at its company-owned service stations at 9.30am today.

At midnight yesterday BP lowered its wholesale prices - what independently-owned BP service stations pay for fuel - by the same amount.

Today’s drop takes prices at most BP company-owned service stations in the main centres to $1.059 (Unleaded 91) and $1.10.9 (Premium Unleaded).

Managing Director Peter Griffiths said while crude oil costs are still high at around $NZ58 per barrel, the price of refined petrol has come down in the past few days. This trend has not been seen in the diesel market, however, which is starting to creep upwards. About half BP’s fuel is imported as ready-made product.

BP last dropped its petrol prices on April 14 this year by two cents a litre. Since then, petrol prices have risen by 12 cents on the back of surging crude and refined fuel prices.


Mr Griffiths said BP wanted to act swiftly to pass on lower costs to motorists, particularly heading into a long weekend.

“I’d love to say that prices will continue to drop, but unfortunately this market is too volatile to predict what will happen - even next week.”

Motorists can be sure, however, that BP will keep its promise to drop its prices as soon as its own costs start falling, Mr Griffiths said.


ENDS

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