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BP Drops Petrol Below $1!

News Release
9 October 2001

BP Drops Petrol Below $1!

BP today dropped the price of petrol to below $1 a litre - the lowest it has been since last year.

Effective immediately, BP has shaved 4 cents a litre off petrol and diesel prices at its company owned and operated service stations nationwide.

BP operated service stations in the main cities will now charge 99.9 cents per litre of Unleaded 91 petrol, $1.04.9 for Premium Unleaded, and 71.9 cents for a litre of diesel. Prices were last at this level in December 2000.

It is BP’s third price drop in two weeks.

BP Managing Director Peter Griffiths said it was all great news for BP customers.

“Consistent with our long-standing promise, we have quickly passed on to our customers the benefit of lower oil costs and a stronger New Zealand dollar.”

Crude oil prices have tumbled as the global economy has slowed down. In turn, the cost of refined petrol and diesel has also declined.

Mr Griffiths said BP would always have the best possible prices, but reminded motorists that oil markets tend to be volatile when global conditions are uncertain.

- ends -

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