18 Sep 2019

Z Energy boss discusses petrol price rise

From Checkpoint, 5:20 pm on 18 September 2019

Petrol retailer Z Energy says it cannot always compete with rival companies like Gull because it is a much smaller company.

The comments come after Gull says its competitors such as Z and BP,  jumped the gun and raised fuel prices too quickly after the attack in Saudi Arabia.

Z Energy chief executive Mike Bennetts told Checkpoint that because Gull is owned by Caltex Australia, it could absorb increased oil prices.

He says one cent per litre in fuel prices is worth 50 thousand dollars a day for the company which last year made 200 million in profit.