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BP meeting with Minister Woods

BP New Zealand representatives today met with the Minister of Energy and Resources, Dr Megan Woods, to provide further context in relation to the internal email - made public earlier this week.

“I was pleased to have the opportunity to meet with Minister Woods and reassure her that BP is operating in a highly competitive and dynamic market and the actions referred to in the email reflect that,” BP New Zealand Managing Director, Debi Boffa, said.

“We fully appreciate that the tone of the email may have appeared blunt to an external audience who don’t have the full context. It was absolutely not our intent to cause any misunderstanding, nor is it the way we operate.

“At the time the email was written BP Connect Otaki was operating at a price point below a sustainable return. At the same time neighbouring BP Connect sites had been heavily discounted even further.

“The action BP then took was to re-adjust its prices to get closer to a sustainable return across the Kapiti/Horowhenua market.

“BP co-operated in full with the 2017 Fuel Market Financial Performance Study. We strongly support and welcome the recommendation made for the Commerce Commission to be granted additional powers to undertake further fuel market studies.

“We believe the Commerce Commission are the right people to carry out this piece of work. Their independence will provide greater assurance to Government and the New Zealand public that we are all paying fair and reasonable prices for our fuel,” Ms Boffa said.

BP New Zealand currently has more than NZ$1 billion worth of capital invested in New Zealand, having operated here for 72 years. BP currently invests between $50 and 60 million a year in its operations, which includes the training and development of more than 1800 staff.

-Ends

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