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High world oil costs felt at NZ pumps

News Release
19 September 2001

High world oil costs felt at NZ pumps

Rising oil prices and the faltering NZ dollar have forced BP to lift petrol and diesel prices from midnight tonight (19 September).

BP’s Managing Director Peter Griffiths said BP was reluctantly increasing wholesale petrol prices nine cents a litre and diesel three cents a litre.

It is BP’s first fuel price rise in almost five months.

From midnight, prices at most BP owned service stations will be $1.12.9 for Unleaded 91 petrol, $1.17.9 for Premium Unleaded petrol and 80.9 cents for diesel. Regions with price discounting may see larger pump price increases.

Since August 20 this year, refined petroleum product prices on the Singapore market – the key market determining New Zealand fuel prices – have jumped the equivalent of 12 NZ cents a litre for petrol and 10 cents for diesel. Crude oil prices also rose in the same period.

Mr Griffiths said last week’s tragic events in the United States have added to the volatility of fuel prices, and we will have to accept movement in the market until things settle down internationally.
OPEC has said it would maintain current production levels, helping allay fears of fuel shortages in the aftermath of last week’s events.

- ends -

BP’s media releases can be found at www.bp.co.nz

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