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BP Increases Petrol & Diesel Prices

BP Oil New Zealand Ltd is lifting the price of petrol by two cents a litre and diesel by three cents a litre at its company-owned service stations with immediate effect.

The increase takes prices at most BP company-owned service stations in the main centres to $1.11.9 (Unleaded 91), $1.16.9 (Premium Unleaded) and 74.5 cents for diesel.

BP’s wholesale petrol and diesel prices - what it charges privately-run BP service stations for fuel - will rise by two cents and three cents respectively from midnight tonight.

Today’s increase is due to the cost of crude oil and refined products (ready-to-go petrol and diesel) which continues to climb. BP imports about half its petrol as refined product.

Since June 16 when BP last lifted its prices, the cost of refined petrol has risen by around NZ$5 a barrel and diesel has jumped by about NZ$7. Crude oil costs have also increased by around NZ$4 a barrel since mid-June.

Barrel prices for the three products have risen substantially since January (crude oil 40%, petrol 48% and diesel 37%).

BP’s Managing Director Peter Griffiths said petrol prices around the world are currently at record levels, with US motorists paying on average 85 NZ cents a litre (prices are lower in the US where there is very little tax on petrol).

Mr Griffith’s said OPEC’s recent announcement to boost production by 700,000 barrels has, to date, had little effect because OPEC countries were already producing beyond their agreed quotas and the increase merely formalised the extra production.

“Unfortunately crude oil and refined petrol and diesel costs show no sign of slowing down. It’s not good news in the long term either. Current forecasts indicate high prices for quite some time.”

ENDS

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

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