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

 


Middle East Tension, Weak NZ$ Push Prices Up


NEWS RELEASE
BP NEW ZEALAND

MIDDLE EAST TENSION, WEAK
NZ$ PUSH PRICES UP

The impact of the Middle East turmoil on world fuel prices and the plummeting NZ dollar have forced BP to lift its petrol and diesel prices this afternoon.

Petrol prices at most BP service stations in the main cities have risen by 4 cents a litre and diesel prices have increased by 7 cents a litre.

This takes BP’s prices to $1.189 for Unleaded 91 and $1.239 for Premium Unleaded. Diesel is now 92.9 cents a litre.

Crude barrel prices have soared about NZ$6 (equivalent to an increase of 5 cents per litre) since fighting broke out between the Palestinians and Israelis a week ago. Refined petrol prices quickly followed increasing by about NZ$8 a barrel (about 6 cents per litre) in the same period.

Diesel prices, which had been rising steadily for several weeks as the Northern Hemisphere stocks up for winter, have jumped to $NZ102 a barrel. When BP last increased diesel prices in August, a barrel of diesel cost NZ$95.


BP’s Managing Director Peter Griffiths said he is aware that the impact of higher prices on motorists will be great and was very reluctant to put prices up.

“We resisted lifting our prices over the past week because we hoped that the pressure would ease. Unfortunately, that hasn’t happened and we have now got to the point where we can no longer carry the losses. We have been losing money on diesel for several weeks now.”

Mr Griffiths said the volatility is frustrating. “We had hoped that prices had turned the corner and were coming down. We had passed on two price decreases to motorists, but now it looks as if we are back to where we started.”

Mr Griffiths reconfirmed BP’s promise to drop prices as soon as its costs come down.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news