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Petrol Price Continues to Fall at BP

13 November 2008

Petrol Price Continues to Fall at BP

The price of fuel continues to fall with BP today decreasing the price of petrol by a further 4 cents per litre.

This is BP’s fourth price decrease in the last two weeks, with petrol falling a total of 19 cents per litre in that period.

BP Managing Director Peter Griffiths says the change is due to continued decreases in the international price of refined petrol.

``BP monitors these costs daily and is committed to passing on the benefits of lower product prices to motorists as quickly as possible.’’

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 is now the cheapest it has been since July 2007.

Diesel prices at the pump have not changed as the international price of refined diesel has remained steady in the last few weeks and has not seen the decreases that refined petrol has. BP will continue to monitor international prices and pass on decreases as quickly as possible.

Petrol prices at most BP owned service stations have dropped to 153.9 cents per litre for Unleaded 91.

- ends -

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.

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