BP Drops Petrol Prices for Fourth Time in 2 Weeks

BP Drops Petrol Prices for Fourth Time in 2 Weeks

BP has again dropped the price of petrol by 3 cents per litre, the fourth time the company has dropped their prices over the last two weeks. This equates to a 13 cent per litre drop on petrol over the last two weeks.

Prices at most BP-owned service stations are:

91 Unleaded $ 202.9 cents per litre
95 Unleaded $ 210.9 cents per litre
Ultimate Diesel $ 145.9 cents per litre

BP Managing Director Matt Elliott said: "Although the New Zealand dollar has risen slightly, international product prices have continued to drop as the worsening European debt crisis threatens to slow economic growth and reduce demand. While we can, we will continue to pass on the benefits to our customers as soon as we’re able.”

“There is still volatility in the market but current product prices are enabling us to stand by our commitment of giving our customers the best deal possible. Right now, this is more good news for our customers.”

Mr Elliott said the international volatility that is impacting the market here was not only the political situation in Europe, but also speculation that the US Federal Reserve may take more steps to stimulate the economy, and OPEC’s (Organisation of Petroleum Exporting Countries) call for members to cut production.

“These are all factors which impact our price here in New Zealand one way or the other. We review our prices every day, it’s a highly competitive market here in New Zealand and we will continue to compete strongly on price where we can,” added Mr Elliott.

This morning’s fall is BP’s fourth price drop in the last two weeks.

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