BP reluctantly lifts fuel prices

News Release
3 May 2001

BP reluctantly lifts fuel prices

BP will increase its wholesale petrol and diesel prices by three cents a litre at midnight tonight (Thursday, 4 May).

BP Managing Director Peter Griffiths said high product and freight costs and a shaky New Zealand dollar make current pump prices unsustainable.

Mr Griffiths said while the three cent increase did not cover the extra BP was paying, it wanted to keep any increase to the bare minimum.

“Freight costs alone have jumped the equivalent of three cents a litre in the past couple of months. On top of that, product costs – BP imports half its petrol ready refined – have risen about nine cents since late February. In that period, diesel costs have also jumped by about eight cents.”

Prices at most BP owned service stations in the main cities will rise to $1.16.9 for Unleaded 91, $1.21.9 for Premium Unleaded and 77.9 cents for diesel. Regions with discount pricing may see larger pump price increases.

Mr Griffiths promised that BP would quickly drop its prices back again as soon as it was able to.

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