COMMENT: Z Energy is seemingly flying the flag for petrol operators. They appear to be the most vocal in response to the Commerce Commission's interim report into whether we are being fleeced at the pump.
Z claims the commission misrepresented their level of profitability. The commission claims Z's rate of return on capital employed is 22 per cent - Z say it's about half that.
And if that's a bit complex to get your head around, they also claim that the commission included all the pies and coffee they sold in the shops as part of the overall figure. And I think we would all agree what they make from pies and coffee has got nothing to do with whether motorists get fleeced at the pump.
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• Z Energy demands ComCom fix 'material inaccuracies' in fuel report
Z Energy has also recently downgraded their profit outlook, citing the impact of heavy discounting. Part of the commission's report appeared to be that discounting was some sort of scam whereby you never really knew what sort of discount you were getting, unless you belonged to particular loyalty schemes. Even then the suggestion appeared to be the price was always hiked a bit to allow for the discount to be taken into account.