11 Jun 2016

BP New Zealand quadruples its profits

1:03 pm on 11 June 2016

BP New Zealand has quadrupled its profits in the past year and paid a big dividend to its British owners.

According to documents filed at the Companies Office, BP made a surplus of $128 million in 2015, up from $30 million in 2014.

The company paid a dividend of $300 million to its London-based owner, the first dividend it has paid in four years.

The profits came as petrol companies were being criticised for not dropping prices at the pump as quickly as falls in global oil prices.

Figures compiled by the Ministry of Business, Innovation and Employment show the average profit margin of the petrol companies has climbed from 13 cents per litre in mid-2011 to 30 cents this week.