War Fears Push Up Oil Prices

War Fears Push Up Oil Prices

Rising world oil prices since the start of the year have forced BP to lift its petrol prices by 4 cents a litre and diesel by 3 cents a litre.

The increase comes into effect at midnight tonight (Tuesday) at BP company owned service stations.

At the same time BP will lift the wholesale fuel price to its 250 independently run service stations by the same amount.

BP Managing Director Peter Griffiths said the price rise was unfortunate, but inevitable as the cost of buying crude and refined fuel products continues to climb.

“Our costs have jumped in the past few weeks as global prices rise as war with Iraq threatens, and problems with Venezuelan oil supply continues.”

The strong New Zealand dollar has not been sufficient to offset the increases.

The rise takes petrol prices in the main centres to $1.09.9 for Unleaded 91, $1.14.9 for Unleaded Premium and 70.9 cents for diesel.

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