Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Pumping up profits and prices

BP Amoco's parent company has announced a record profit thanks to what it describes as 'better refining margins', just a day after BP in New Zealand claimed it is increasing petrol prices because of increased costs of refining.

On Monday Alliance leader and Deputy Prime Minister Jim Anderton accused petrol companies of becoming more innovative in their excuses for petrol price rises, after BP pushed its price for unleaded 91 octane petrol up by three cents a litre.

He says BP's justification for the increase has been exploded immediately by its own parent.

"BP claimed on Monday that it was facing higher refining costs.

"Over night, in a statement headed 'BP reports record performance', BP Amoco announced a second quarter 2000 profit of $3610 million, up 164% compared to last year. It commented: 'Refining and Marketing achieved a record result with robust refining margins.'

"In other words, BP is telling its investors that it is making more from refining than it has ever made, at the very same time that it is telling kiwi motorists that it is increasing pump prices because of increased refining costs."

The BP news release can be seen at http://www.bp.com/pressoffice/defaultstory.asp?PressReleaseID=695

Meanwhile Jim Anderton says Shell's claim today that it was increasing pump prices to match BP's prices because of a 'weak exchange rate' couldn't withstand scrutiny.

"Adjusted for the value of the New Zealand dollar, crude oil is about the same price now that it was in February when 91 pump prices were less than a dollar a litre.

"I predicted other companies would follow when BP announced on Monday that it was increasing prices. They never fail to disappoint," Mr Anderton said.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says.

Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders.

US President Donald Trump is kicking off his week at the UN by holding an event to promote the US document called the Global Call to Action on the World Drug Problem. More>>

 

Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>

ALSO:

Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>

ALSO:

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels