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High Product Costs Push Prices Up

News Release
11 February 2002

High Product Costs Push Prices Up

Rising refined oil prices today forced BP to lift its petrol and diesel prices with immediate effect.

BP’s Managing Director Peter Griffiths said BP was reluctantly increasing wholesale petrol prices five cents a litre and diesel three cents a litre.

It is BP’s first fuel price rise since 5 December 2001, and its third price rise in 10 months. In the same period, there were nine price drops.

Since the last increase, refined petroleum product prices on the Singapore market – the key market determining New Zealand fuel prices – have jumped the equivalent of nine NZ cents a litre for petrol.

Prices at most BP-owned service stations will rise to 98.9 cents per litre for Unleaded 91 petrol, $1.03.9 for Premium Unleaded petrol and 62.9 cents for diesel.

Mr Griffiths said BP would lower its prices again once world oil prices dropped back again.

- ends -

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