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BP Reluctantly Raises Fuel Prices

News Release
18 March 2002

BP Reluctantly Raises Fuel Prices

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

BP’s Customers will have the opportunity to fill up before the increase takes effect at midnight tonight. The company lifts its wholesale price by the same amount to its independently owned service stations.

Prices in the main cities will move to 108.9 cents for Unleaded 91 petrol and 113.9 cents for Unleaded Premium. The Diesel price will move to 67.9.

BP Managing Director Peter Griffiths said the crude barrel price has jumped over NZ$8 since BP last moved its prices on 11th of Feb (excluding the Government Excise Tax Increase). The rise in crude prices is the equivalent of 5 cents per litre extra at the pump.

“While we have been able to protect motorists from the impact of these global influences over the past few weeks, this situation is unsustainable, and so we have reluctantly had to put the price up.”

He reaffirmed that BP would quickly drop its prices back again when global oil costs drop.

- ends -

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