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


BP reluctantly raises fuel prices

News Release

19 April 2001

BP reluctantly raises fuel prices

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 -

© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


Half A Billion Accounts: 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>>

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>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news