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BP drops prices back

News Release
4 May 2001

BP drops prices back

BP has restored its petrol and diesel prices to yesterday’s levels after lifting them by three cents at midnight last night.

BP Managing Director Peter Griffiths said the three cent increase was completely justified as BP’s costs have jumped considerably since the end of February. This is due to higher than usual shipping costs, high product prices and the weak New Zealand dollar.

However, the level of competition in the market gave BP no choice but to drop its prices back today.

“No oil company can afford to have higher prices than its rivals in such a competitive price-focused market,” Mr Griffiths said.

He said current pump prices do not reflect BP’s true costs.

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

- ends -

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