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

 

Refined Product Prices Lead To BP Price Reduction


NEWS RELEASE
BP NEW ZEALAND
www.bp.co.nz
For Immediate Release
26 September 2000

EASING REFINED PRODUCT PRICES
LEAD TO BP PRICE REDUCTION

A decline in crude oil prices world-wide over the weekend, after the United States government decision to release some of its strategic oil reserve, coupled with a decline in the refined (ready-to-go) costs of petrol and a stabilising exchange rate, are the major factors that have led BP to reduce its petrol prices by 3 cents a litre at its company-owned service stations with immediate effect.

BP’s Managing Director, Peter Griffiths, said that BP was acting in good faith in reducing prices today. “BP is reducing prices today to show our customers that we are serious about getting petrol prices down as quickly as possible. We’ve said in the past that we don’t like high prices and that we will reduce them as soon as we are able. That’s exactly what we’re doing.”

The cost of a barrel of refined petrol today is NZ$77 a barrel - a drop of NZ$9 a barrel overnight. “The reduction in crude oil and refined petrol costs over the weekend has averted the need for further price increases. But the volatility in the oil markets means we’ll need to watch our costs closely over the next few days.”

Today’s price reduction does not include diesel. While lower oil prices have already affected the cost of refined petrol, world-wide demand for middle distillate continues to put pressure on BP’s current diesel pricing.

While this reduction is encouraging, BP still expects some volatility caused by high demand in the United States and Europe heading into a winter, low stock levels at refineries and a volatile kiwi dollar.

This is BP’s first petrol price reduction since June 1st this year. Of the nine price reductions since June 1st 1999, BP has been the first to reduce its prices seven times. This reflects our commitment to offering the best possible fuel price to our customers.


ENDS

For further information, contact:
Oliver Mander, Pricing Manager
mandero@bp.com



© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax Bill Passes, Drops: “An End To Unnecessary Secondary Tax”

“The changes mean Inland Revenue will more closely monitor the tax paid by wage and salary earners through the year. If it appears the worker is being over taxed, Inland Revenue will suggest a more suitable PAYE tax code tailored to that worker.” More>>

ALSO:

Ethiopian Airline Crash: Boeing 737 Max Aircraft Operations Temporarily Suspended

New Zealand’s Civil Aviation Authority has suspended the operation of Boeing 737 MAX aircraft to or from New Zealand. Currently this affects only one operator, Fiji Airways. There are no other airlines that fly this aircraft type to New Zealand. More>>

ALSO:

Sorting Out DNA: Crime-Busting Software Wins Top Science Prize

Software developed in New Zealand that has contributed to identifying suspects in tens of thousands of criminal cases around the world has won the 2018 Prime Minister’s $500,000 Science Prize. More>>

ALSO:

In The High Court: IRD Wins Tax Avoidance Case

Inland Revenue has won a High Court case against Eric Watson’s Cullen Group over a nearly $52 million tax debt. More>>

ALSO:

Insurers Withdraw From Market: Plea For EQC Rethink

A consumer watchdog wants the government to rethink the Earthquake Commission (EQC) as more people are pushed out of getting property and contents insurance. More>>

ALSO:

Women's Day: New Zealand Rated Third Best In OECD For Working Women

New Zealand has been rated among the top countries in the world for working women. The Women in Work Index rated New Zealand third in the OECD and it was the only country outside Europe to make the top 10. More>>

ALSO: