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Higher world oil costs force price rise

News Release
5 December 2001

Higher world oil costs force price rise

Rising world oil prices have forced BP to increase its petrol prices by five cents a litre today at its company owned service stations.

The price rise takes place with immediate effect. At midnight, the company lifts its wholesale price by the same amount to its independently owned service stations.

It is BP’s first price increase since mid September and the second price increase in eight months.

It follows six price drops which shaved 21 cents off the cost of a litre of petrol in six weeks.

Prices in the main cities will move to 96.9 cents for Unleaded 91 petrol and $1.01.9 for Unleaded Premium. Diesel prices will not be affected. Some parts of the country on discount pricing will see greater increases today.

BP Managing Director Peter Griffiths said the crude barrel price has jumped NZ$9 since BP last moved its prices on 16 November. The rise in crude prices is the equivalent of 5 cents per litre extra at the pump.

On top of this, fuel product prices – the main factor which drives prices in New Zealand – have also risen by about 5 cents.

Mr Griffiths said it was always unlikely that world oil prices would remain at the levels they plummeted to following the economic fall-out from the US terrorist attacks.

“BP was very quick to lower our prices by 21 cents in six weeks, and we will continue to move quickly should prices drop back again,” he said.

- ends -

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