Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Pumping up profits and prices

BP Amoco's parent company has announced a record profit thanks to what it describes as 'better refining margins', just a day after BP in New Zealand claimed it is increasing petrol prices because of increased costs of refining.

On Monday Alliance leader and Deputy Prime Minister Jim Anderton accused petrol companies of becoming more innovative in their excuses for petrol price rises, after BP pushed its price for unleaded 91 octane petrol up by three cents a litre.

He says BP's justification for the increase has been exploded immediately by its own parent.

"BP claimed on Monday that it was facing higher refining costs.

"Over night, in a statement headed 'BP reports record performance', BP Amoco announced a second quarter 2000 profit of $3610 million, up 164% compared to last year. It commented: 'Refining and Marketing achieved a record result with robust refining margins.'

"In other words, BP is telling its investors that it is making more from refining than it has ever made, at the very same time that it is telling kiwi motorists that it is increasing pump prices because of increased refining costs."

The BP news release can be seen at http://www.bp.com/pressoffice/defaultstory.asp?PressReleaseID=695

Meanwhile Jim Anderton says Shell's claim today that it was increasing pump prices to match BP's prices because of a 'weak exchange rate' couldn't withstand scrutiny.

"Adjusted for the value of the New Zealand dollar, crude oil is about the same price now that it was in February when 91 pump prices were less than a dollar a litre.

"I predicted other companies would follow when BP announced on Monday that it was increasing prices. They never fail to disappoint," Mr Anderton said.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Government: Northland To Move To Orange, NZ Prepared For Omicron


Northland will move to Orange at 11:59pm tonight, 20 January 2022, while the rest of New Zealand will remain at Orange as the Government prepares for Omicron to enter the community.
“Vaccination rates have continued to increase in Northland and are now at 89 percent first dose. The easing of the Auckland boundary over summer did not drive an increase in cases so we believe it is safe for Northland...
More>>

ALSO:


Gordon Campbell: On Responding To The Need In Tonga


The power of the Tonga eruption (and the size of the aid response being mounted) have been sobering indications of the scale of this disaster. The financial impact is certain to exceed the damage done by Cyclone Harold two years ago, which was estimated at the time to cost $US111 million via its effects on crops, housing and tourism facilities. This time, the tsunami damage, volcanic ash, sulphur dioxide contamination and villager relocation expenses are likely to cost considerably more to meet...
More>>



 
 



Government: New Zealand Prepared To Send Support To Tonga

New Zealand is ready to assist Tonga in its recovery from Saturday night’s undersea eruption and tsunami, Foreign Affairs Minister Nanaia Mahuta and Defence Minister Peeni Henare said today... More>>


Ministry of Health: COVID-19 Immunisation Starts For 5 To 11-year-old Tāmariki

More than 120,000 doses of the child (paediatric) Pfizer vaccine have been delivered to over 500 vaccination sites around New Zealand as health providers prepare to start immunising 5 to 11-year-olds tamariki from today, 17 January... More>>


Crown: Duke Of York’s NZ Military Patronage Appointment Ends
Buckingham Palace has recently announced that, with the Queen's approval and agreement, the Duke of York’s military affiliations and Royal patronages have been returned to the Queen... More>>

Financial Services Federation: Open Letter To Government From Non-bank Lenders: The Path Forward On CCCFA Changes
Responsible lenders are not interested in telling the Government “I told you so” when it comes to unintended consequences of changes to lending laws that are now causing grief for everyday Kiwis seeking finance... More>>

CTU: Too Many Kiwi Workers Financially Vulnerable As Omicron Looms
With New Zealand on the precipice of an Omicron outbreak and the economic upheaval that comes with it, the CTU’s annual Mood of the Workforce Survey shows the vast majority of kiwi workers do not have the financial resources to survive a period of unemployment... More>>


Financial Advice NZ: Law Changes Locking Out Home Seekers, Urgent Meeting Sought With Government

Recent changes in consumer finance law on top of Government policy changes are locking many home seekers out of finance options they would have qualified for just six weeks ago, says Financial Advice New Zealand... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels