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Local Prices Rise As World Oil Costs Jump

News Release

9 February 2001

Local Prices Rise As World Oil Costs Jump

BP is encouraging motorists to fill up before midnight on Sunday (11 Feb) when it will lift its petrol prices by 5 cents a litre.

BP’s Managing Director Peter Griffiths said soaring world oil costs gave BP no choice, but to increase prices.

BP New Zealand currently pays NZ$60 per barrel of crude and NZ$74 for a barrel of refined petrol. In the past fortnight, crude and refined prices have both jumped by NZ$6 per barrel.

At the beginning of this year, crude cost NZ$47 per barrel and refined petrol prices NZ$62 per barrel.

The increase takes prices at most BP owned service stations in the main cities to $1.11.9 for Unleaded 91 and $1.16.9 for Premium Unleaded. However, competitive pressures in different cities mean that prices may vary significantly. Diesel prices remain unchanged.

Mr Griffiths said the recent spate of cheaper prices in New Zealand ran counter to the international trend of higher prices, and was due to fierce tussles between competitors.

“These price wars, including BP’s 10 cent Waitangi Weekend price promotion, meant that New Zealanders enjoyed some of the best prices in the world.”

Mr Griffiths said it was realistic for motorists to expect another volatile year of turbulent pricing.

“BP is also having to readjust the way it does business because of the uncertainty of these external factors. The reality is that we have to accept and plan for a significant level of uncertainty this year.”
Mr Griffiths would not rule out further price rises if the trend of higher world oil costs continues.

He reaffirmed that BP would quickly drop its prices back down again once the overseas situation steadied.

- ends -

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