Why Z Energy is both delighted and peeved by petrol price plan

Author
Newstalk ZB,
Publish Date
Thu, 27 Feb 2020, 5:36PM
Z Energy CEO Mike Bennetts. (Photo / NZ Herald)

Why Z Energy is both delighted and peeved by petrol price plan

Author
Newstalk ZB,
Publish Date
Thu, 27 Feb 2020, 5:36PM

There is support for a draft Bill aiming to bring the fuel market under control.

The Government's acting on Commerce Commission recommendations to make petrol prices more reasonable.

Laws will be passed later this year to promote more wholesale competition, and change rules on posting petrol prices.

Z Energy CEO Mike Bennetts told Heather du-Plessis Allan most of his company's submissions have made their way through the recommendations.

"As an individual company, we are delighted by what the Government has said this morning and we look forward to cracking forward with it and putting it in place."

However, he is frustrated by the Government's request to display the price of premium petrol. 

Bennetts says retailers were asked to display premium price boards sooner rather than later by Minister Kris Faafoi in December.

But he says today, the cabinet paper says displays must be up 18 months after the law comes into force.

"I'm pretty peeved actually that the competition can take up to 18 months for that to happen after that legislation's passed, which is still four to five months away."

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