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Press Release – Commerce Commission The Commerce Commission has today released an open letter to the fuel industry outlining the Commissions role and expectations of fuel businesses ahead of a new regulatory regime taking effect on 11 August 2021. The letter comes after the Ministry of Business, …
The Commerce Commission has today released an open letter to the fuel industry outlining the Commission’s role and expectations of fuel businesses ahead of a new regulatory regime taking effect on 11 August 2021.
The letter comes after the Ministry of Business, Innovation and Employment (MBIE) published regulations yesterday further detailing the requirements on fuel businesses under the Fuel Industry Act 2020.
Friday, 9 July 2021, 8:49 am
The Commerce Commission has today released an open letter
to the fuel industry outlining the Commission’s role and
expectations of fuel businesses ahead of a new regulatory
regime taking effect on 11 August 2021.
The letter
comes after the Ministry of Business, Innovation and
Employment (MBIE) published regulations yesterday further
detailing the requirements on fuel businesses under the Fuel
Industry Act 2020.
Commission Chair Anna Rawlings said
the Commission is reaching out to businesses in the fuel
sector to discuss its enforcement and monitoring role under
the Act and to help them understand how the new rules apply
to them.
iTWire Friday, 09 July 2021 11:23 NZ’s Commerce Commission reminds fuel businesses of obligations under new regulatory regime Featured Anna Rawlings, Commerce Commission Chair
New Zealand’s competition enforcement agency The Commerce Commission has laid down its expectations of the country’s fuel businesses ahead of a new regulatory regime taking effect in August.
In an open letter to the industry Commission Chair Anna Rawlings said she expected that fuel businesses will comply with the requirements of the Act from the time those requirements come into force on 11 August.
“We encourage parties that may be affected to seek legal advice to ensure they understand the rights and obligations that apply to them.”
Z Energy gives upbeat outlook despite sharp fall in margins, blaming rising crude prices
6 May, 2021 01:18 AM
3 minutes to read
Fuel giant Z Energy said margins were expected to recover despite a sharp fall in the first three months of 2021. Photo / Dean Purcell
Fuel giant Z Energy said margins were expected to recover despite a sharp fall in the first three months of 2021. Photo / Dean Purcell
Z Energy shares jumped as the fuel retailer resumed dividend payments, gave an upbeat assessment of new industry legislation and predicted margins on fuel would recover from their current multi-year lows.
The Wellington-headquartered company, which also operates the Caltex brand, delivered a net profit after tax of $57 million for the 12 months to March 31, which it said was an increase of 165 per cent on the previous year.