The new, less expensive gasoline in the pipeline
In June, BP announced that it was selling its 1.5 million barrels a day of gasoline through its petrochemical subsidiary, BOP.
The move comes after BP’s chief executive, Bob Dudley, said last year that the company was considering selling off its petrodollars.
At the time, BP CEO Bob Dudley said that BP had sold off enough petrochemicals in recent years to produce enough fuel for the next 40 years, and that the move was in line with a strategy to diversify away from petroleum.
But the petrogas price collapse is not the only reason BP is cutting back on its petrol fleet.
BP announced last month that it would be laying off 5,000 people at its North Sea oil fields in a move that will be seen as a blow to the industry.
BP also plans to close several oil refineries and refineries in the Middle East and Asia.
Meanwhile, oil prices have fallen by more than half this year, with Brent crude dropping to $46 a barrel on Friday, according to Reuters data.
Oil is also now the cheapest on record, with crude oil prices at $30 a barrel or less this year. Read more: