BP reluctantly raises fuel prices

Thursday, 19 April 2001, 6:30 pm
Press Release: BP New Zealand

News Release

19 April 2001

BP is encouraging motorists to take advantage of its lower fuel prices before midnight tomorrow (Friday, 20 April) when it will lift its prices.

BP Managing Director Peter Griffiths said high world oil costs gave BP no choice but to increase its wholesale petrol and diesel price by 5 cents a litre.

Regions that benefited most from discount pricing in recent months would see larger pump price increases than others.

However, Mr Griffiths said BP delayed the increase as long as possible to give customers a chance to fill up for less.

“All the factors which push prices up – crude and refined petrol and diesel costs, shipping costs and the exchange rate - are against us right now.”

Prices at most BP owned service stations in the main cities will rise to $1.13.9 for Unleaded 91 and $1.18.9 for Premium Unleaded and 74.9 cents for diesel.

Mr Griffiths said recent discount pricing and price promotions were due to fierce rivalry between competitors, and did not reflect higher world oil costs.

“It seems that the local price wars we have seen recently are over – at least for now.”

Mr Griffiths said that the petrol industry remained highly competitive and it was anyone’s guess as to what would happen next.

He reaffirmed that BP would quickly drop its prices back again once global oil costs steadied.

- ends -

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