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Z’s plunging profits show who’s really to blame

The Prime Minister’s pointed pontification on petrol price margins has been exposed as bananas with Z Energy’s profit for the last six months having been slashed, says the New Zealand Taxpayers’ Union.

Taxpayers’ Union Executive Director Jordan Williams says “If corporate greed was responsible for the huge increases in petrol prices that we have seen over the last six months, Z Energy’s profit would have increased not decreased. In reality, petrol price hikes are due to a deterioration in the exchange rate and the new national and regional fuel taxes.”

“The biggest winner in the last six months of fuel price increases is obvious: fuel companies are being punished, consumers are being punished, but Jacinda Ardern’s Government has received a significant windfall. The Government should wind back their fuel tax increases, particularly in Auckland, and give struggling motorists a break.”

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