BP Drops Price Again - 23/10/08
23 October 2008
BP Drops Price Again
BP is pleased to have today dropped the price of both petrol and diesel by four cents per liter due to continued decreases in the international price of refined petrol and diesel.
BP Managing Director Peter Griffiths said ``BP will keep passing on the benefits of lower product prices to motorists as quickly as possible.
``However, the international market situation is still very volatile, we will continue to monitor prices on a daily basis.’’
Since the beginning of the month, prices have decreased by 23 cpl for petrol and 22 cpl for diesel.
Pump prices in New Zealand are determined by the international price of refined petrol and diesel (purchased in US dollars), the US/NZ exchange rate, taxes and levies, international shipping costs and local operational costs.
Petrol prices at most BP owned service stations have dropped to 172.9 cents per litre for Unleaded 91 and 131.9 cents per litre for diesel.
There are over 100 independently-owned BP service stations in New Zealand.
They buy their fuel off BP at a wholesale price and by law must set their own pump prices.