Z ready for excise tax reduction
March 14, 2022
Following the Government announcement today, Z Energy (Z) is working to ensure that the 25 cents a litre off petrol for three months via a reduction to fuel excise duties is passed onto its customers from midnight tonight.
"Z recognise New Zealanders have been concerned about rising petrol prices following the geopolitical events in the Ukraine and are committed to playing our part in ensuring that we do not see an increase in our profit because of policy changes announced today," says Mike Bennetts, CEO.
Prior to the change in excise duty talking effect, almost 70 cents per litre is collected by the government in fixed excise and an additional 10 cents per litre in Auckland for the Auckland Regional Fuel tax.
Customers pay 15% GST on top of everything. While Z is a commercial business we are not looking to, nor making additional profits from these latest price changes.
“This is a unique situation, and Z will ensure that our customers are receiving the benefits of the tax cut announced today,” says Mike.
Z expects that the volatility in our key input cost being the price of refined fuels will continue given the ongoing war in the Ukraine. While customers will see a change in price at the pump reflecting the removal of excise duty from midnight tonight, it is important to note that Z’s fuel pricing is localised therefore while this reduction takes place, the price of fuel across the country will continue to vary.