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

 


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 -

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news