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Z Energy comment on oil commodity prices and the impact of Covid-19

08/03/2020 - General News

Z, like many others, is following the significant movements in the oil market. It is clear that the impact of Covid-19 is escalating when it comes to global commodity markets, and that this is now likely being compounded by geopolitical machinations in relation to oil-producing states.

Before Z makes any further detailed comment, we need to understand how the markets will settle.  

What we can say is that we will be reacting prudently, but sufficiently promptly, in relation to the price of crude, as passing through any wild price swings does not benefit anyone.

Z pricing response to Covid-19 to date

All Z service stations across the country have seen a continuous reduction in prices over the past recent weeks, which reflects all of the factors that go into our pricing, including but not limited to the price of crude, the New Zealand dollar and the dominant hyper local competition factors.