Z drops petrol prices by 5 cents as oil prices fall further

Z Energy has lowered the price of all of its petrol grades by 5 cents per litre today as coronavirus fears continue to lower to price of crude oil.

In a statement, Z's general manager of retail Andy Baird said the company recognised the impact of Covid-19 on the New Zealand economy, and wanted to move promptly to pass on any cost savings to consumers.

"We're very aware of, and empathise with, the difficulties Covid-19 is imposing on different sectors," Mr Baird said.

"We're committed to moving promptly to pass on any oil price movement so that the wider New Zealand economy benefits from any cost
reductions.

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"Over the course of last week, we reacted swiftly to market change, with all sites and all grades experiencing a price reduction within 24 hours of the oil price movement.

"This morning, we've dropped our prices by another five cents per litre across all sites and all grades as we continue to pass through cost savings."