BP Forced to Increase Fuel Costs; Excludes Christchurch

1 March 2011

News Release

BP Forced to Increase Fuel Costs; Excludes Christchurch

The price of petrol and diesel increased today with BP being forced to increase the price of motor spirits and diesel by 5 cents per litre.

The new average pump prices for 91 unleaded at BP Connect sites is 207.9

BP Managing Director Mike McGuinness said the price increase was regrettable, however, the company has been forced to react to soaring international prices, and a fall in the New Zealand dollar against the Unites States dollar.

“Fuel prices are under intense pressure at the moment, with international prices rising substantially because of the situation in Libya. In additional, the NZ dollar fallen.

“Since last week, the cost of refined fuel has increased over 9 cpl on the back of rising prices and a fall in the NZ dollar. We have done our utmost to shield motorists from this for as long as we can

“The situation is very volatile and the pressure from international prices is intense.

“We have made the decision to not change our prices in Christchurch because of the difficult situation there. This decision furthers our support for the people of Canterbury.

“We understand that there was a rush on fuel and some people may not have filled their tank yet. Others are starting to try and get on with their lives. For that reason we have decided to hold prices in Christchurch for now.

“We appreciate there is no right time to increase prices. We have done our utmost to shield motorists from this for as long as we can,” he said.

ENDS

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