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World Volatility Pushes Up Fuel Prices

News Release
13 May 2002

World Volatility Pushes Up Fuel Prices

Uncertainty over global fuel supply has forced BP to increase its petrol and diesel prices by four cents a litre from midnight tonight (Monday, 13 May) at its company-owned service stations.

At the same time the company will lift its wholesale price by four cents a litre to its independently-owned service stations.

Prices in the main cities will move to $1.12.9 for Unleaded 91 petrol and $1.17.9 for Unleaded Premium. The diesel price will move to 71.9 cents.

Parts of the country already with discount pricing will see larger increases.

BP Managing Director Peter Griffiths said the trend for higher crude oil and fuel product costs has continued, exacerbated by concern about the Middle East, OPEC’s decision not to boost production, and high demand for fuel in the US.

“The stronger New Zealand dollar has helped us resist global influences over the past few weeks, however, unfortunately we can no longer sustain the higher costs.”

- ends -

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