Recent drone attacks in Saudi Arabia have contributed to an overnight 6 cent per litre price hike.
BP spokesperson says, “There are a number of influences on the price of fuel including the refined barrel price, which has risen overnight”.
Refined oil is the source of all NZ fossil fuels so any rise in price means higher prices at the pump. Refined oil prices are determined by factors such as demand and supply.
The Saudi drone attacks reduced the world oil supply by 5%, thus causing the price raise.
A BP Spokesperson reportedly stated, “We understand that the cost of fuel can be a reasonable proportion of household expenditure and continue to monitor the situation closely”.
Both BP and Z have seen an increase in fuel price by 6 cents a litre. Six cents is around 2.5 per cent increase or $2.50 for every $100 you put in your tank.
“We review BP Connect pricing on a daily basis to ensure it is as competitive as possible”.