BP has adjusted production at its refineries to maximise diesel output as global supply disruption pushes UK pump prices above £2 a litre.
Chief executive Meg O’Neill said the company had initially increased diesel production following the outbreak of the US-Iran conflict, before switching its focus to jet fuel as concerns grew over supplies to airlines.
“Our European refineries were able to adapt their runs to produce 30 per cent more jet (fuel) than they did before the conflict,” she said.
However, BP has now switched its focus back to diesel as shortages intensify.
“Even more recently — the diesel price pressures that we’re seeing around the world — our refineries have adjusted back to try to max diesel.”
BP said its Rotterdam refinery almost doubled diesel output in August compared with June, while the group’s refineries in the US and Europe can process up to 1.5 million barrels of oil a day.
Despite higher oil prices boosting cash generation, O’Neill said BP remained focused on reducing debt, adding: “Now is not the time for us to be increasing spend.”