Z Energy: We will comply for Commerce Commission recommendations

Author
Newstalk ZB,
Publish Date
Thu, 5 Dec 2019, 7:38PM
Mike Bennetts, chief executive of Z Energy, says he's been pushing for change for years. Photo / Sarah Ivey

Z Energy: We will comply for Commerce Commission recommendations

Author
Newstalk ZB,
Publish Date
Thu, 5 Dec 2019, 7:38PM

The Head of Z Energy is pledging to follow all the Commerce Commissions' recommendations.

The Commission's today released a recommending changes to reduce profit margins.

Chief Executive Mike Bennetts says he's already making plans to follow the recommendation to put up boards with the price of premium petrol.

"We've been reluctant to do that in the past because it costs us another $2 million and we had a concern that it was yet another example of them trying to do the right thing that causes us to have a cost that others don't.

"It's a great example of transparency that we would fully support."

He did note though that the company makes a post-tax profit of just 3.5 cents a litre, which could mean difficulty for them if prices are massively reduced.