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

 

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

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: