About Z

Z supports swift action on proposed fuel market changes

05/12/2019 - General News

Z Energy welcomes the completion of the Commerce Commission’s market study into the retail fuel market.

Z Chief Executive, Mike Bennetts says that Z is pleased about the resolution of the market study and believes many of the recommendations made by the Commission will help to improve on the strong levels of competition that already exist in the retail market.

“We’ve supported this study from the beginning. We’re a New Zealand-owned company and we’re committed to great outcomes for New Zealanders. The conclusion of the study provides us with the certainty to continue taking decisive action on creating the fuel industry of the future on behalf of all motorists and our many Kiwi shareholders,” says Mike.

Z is taking action on increased transparency

Z fully supports the Commerce Commission’s recommendations on increased scrutiny, including price board transparency.

Mike says that Z has already put in an order for the price boards required to display all Premium fuel prices.  

“Our retail team has been given the go ahead to get price boards ordered ready for display, as of this morning. We, like the Government, are committed to acting quickly and in the interest of Kiwi motorists,” says Mike.  

Z is also pleased that Terminal Gate Pricing and an enforceable industry code –recommendations that the company supported following the draft report – are supported by the Commission and by the Government in principle.

“As we’ve said before – we believe that Terminal Gate Pricing, supported by a robust industry code, will assist in creating a more observable wholesale market and enhanced competitive conditions.

“It is our hope that it will also establish the information gathering framework required for the Government to monitor prices more consistently across the market so that data is as accurate as possible,” concludes Mike.

The Commission has acknowledged that good levels of innovation in the industry are providing customers with increased choice and Z is committed to continuing with its innovation work to improve customer experience to the benefit of our customers.

ENDS

Media enquiries: Victoria Crockford – Victoria.crockford@z.co.nz