Petrol prices increase at BP for the first time in six months
Release Date: 14 January 2009
The price of petrol increased today by 5 cents per litre at company operated BP outlets around the country.
BP Managing Director Peter Griffiths says one of the key factors that make up the price at the pump (the international cost of refined petrol) has increased significantly in the last two weeks.
“Since the last change at the pump on 31 December the international cost of refined petrol in NZ dollar terms has increased by 21%. We had hoped that this was a temporary situation, but after almost two weeks it doesn’t show any signs of reversing, so it has unfortunately become necessary to pass on an increase at the pump.”
“The price of crude oil and refined petrol often move together, but in this case they have moved quite differently. There is currently a shortage of petrol in the Asia Pacific region which is having an impact on the price of refined petrol on the international market.“
“Today’s increase is not reflective of the overnight decrease in the New Zealand dollar.”
“We will continue to monitor prices on a daily basis and if the situation reverses we will pass on savings 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 still 81 cents cheaper per litre than it was at its highest price of 2008 in July.
Prices at most BP operated service stations have increased to 137.9 cents per litre for Unleaded 91. Diesel prices are unchanged.