Coronavirus: Z Energy drops petrol price by 5c per litre

Z Energy
Z Energy has announced petrol prices have dropped by 5c per litre. Photo credit: Getty.

Z Energy has announced a 5c per litre drop in fuel across all sites and grades.

Monday's price-drop follows almost a week of plummeting petrol prices following Covid-19 shutdowns and travel restrictions.

General Manager of Retail Andy Baird said that Z Energy had recognised the impact of the virus on the New Zealand economy and has "reacted swiftly" to pass on cost savings.  

"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," Baird confirmed.

Summing up the price drops across the country, Mark Stockdale, principal adviser - regulations at AA, said that prices have dropped across a number of retailers, reflecting the drop in commodity prices for both petrol and diesel.

"Since 2017, this is the first time we're seeing prices for 91 octane below $2 per litre.

"For example, in Christchurch, Rotorua and Tauranga, to name a few, there are retailers priced at just under $1.80 per litre," Stockdale said.

Stockdale advises motorists to keep an eye on prices where they are - or at their expected destination - using apps such as Gasby.

"Our advice would be for people to keep an eye on prices because they're volatile: they're falling and some outlets may not have adjusted prices yet.

"It's changing by the day: keep checking back [based on] when you're getting fuel," Stockdale said.

According to Statistics New Zealand data to June 2019, households spent an average weekly amount of $48.50 on petrol costs.

As last year, petrol costs accounted for nearly 4 percent of total weekly household spending of $1,348.70, Monday's 5 percent drop - on top of cuts of 6c and 7c per litre earlier in March - represents good news for back pockets.