Petrol Price Falls for the 8th time
24 November 2008
Petrol Price Falls for the 8th time in the Last Month at BP
The price of petrol fell for the 8th time in the last month today with BP decreasing the price by a further 5 cents per litre.
BP Managing Director Peter Griffiths says the change is due to continued decreases in the international price of refined petrol, despite further falls in the New Zealand dollar.
``BP monitors these costs daily and is committed to passing on the benefits of lower product prices to motorists as quickly as possible.
``With school holidays fast approaching, it’s great to see prices decreasing and we hope this will continue.’’
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 February 2007 and has fallen 75 cents per litre since July this year.
Petrol prices at most BP owned service stations have dropped to 143.9 cents per litre for Unleaded 91.
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.