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Shaky World Market Forces Another Rise

Shaky World Market Forces Another Rise

BP is lifting fuel prices by three cents a litre at its company-owned service stations as world oil prices soar to two-year highs.

Petrol prices will rise from midnight tonight (Wednesday, 12 February) to $1.159 per litre for Unleaded 91, $1.209 for Unleaded 96 and 75.9 cents for diesel.

Regions with discount pricing may see larger increases.

BP will also lift its wholesale prices by three cents to independently-owned BP service stations at midnight.

Prices have escalated in the past week due to a potential war in Iraq and strains on US fuel reserves as demand for heating oil in the States rises.

BP Managing Director Peter Griffiths predicted volatile times ahead. “It’s very much a matter of waiting and seeing what develops. Unfortunately, we are at the mercy of international events.”

In the past week the cost of refined petrol has risen three cents a litre and diesel more than six cents.

The last time crude oil reached today’s prices, a litre of Unleaded 91 cost $1.219 and diesel 85.9 cents.

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