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BP drops fuel prices again

News Release
4 October 2001


BP drops fuel prices again

BP has dropped its petrol and diesel prices by three cents a litre in the wake of lower international crude oil prices.

The wholesale decrease moves prices at most BP owned service stations in the main cities to $1.03.9 per litre for Unleaded 91 petrol, $1.08.9 for Premium Unleaded, and 75.9 for a litre of diesel.

It is the second price drop in just over a week, and takes BP’s prices back to where they were two months ago.

BP Managing Director Peter Griffiths said BP wanted to quickly pass on to customers the benefits of lower crude oil costs and a stronger New Zealand dollar.

“OPEC is sitting firm on its current production levels to help allay fears over oil supply, but it is anybody’s guess as to how much longer they will keep producing at this level.”

OPEC accounts for about 40% of the world’s oil production. Other major factors influencing pump prices in New Zealand are refined petrol and diesel prices, the exchange rate and shipping and freight costs.

Crude oil prices dropped after the terrorist attacks on the US slowed global economic growth.

- ends -

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

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