Coronavirus: Z Energy cuts prices by 5 cents on all grades of fuel

The impact of coronavirus on the oil market is a major factor for the price drop. Photo / File

Z Energy fuel stations have dropped their prices by 5 cents today following the wide-impact of coronavirus.

Last week, there was a significant fall in crude prices due to geopolitical tensions between oil-providing states following Covid-19.

As of early this morning, there were more than 156,000 cases of coronavirus globally and 5800 deaths. More than 74,000 of the 156,000 have recovered.

Z Energy had recognised the impact of the virus on the New Zealand economy and was helping to pass on cost savings.

"We're very aware of, and empathise with, the difficulties Covid-19 is imposing on different sectors," general manager of retail Andy Baird said.

"We're committed to moving promptly to pass on any oil price movement so that the wider New Zealand economy benefits from any cost reductions.

"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."

Within 24 hours of the oil price movement, Z Energy reacted quickly to the market change, with all of its sites reducing their prices.

The average price of 91 octane at stations across New Zealand was $2.01 per litre, according to Gaspy as of 9am.

Meanwhile, the average price of diesel was $1.33 per litre and 95 octane was $2.19 per litre.

The cheapest stations in the country were Pak'nSave Rotorua, Caltex Dyers Rd and Pak'nSave Rangiora who were selling 91 octane for $1.77 each.

There were eight confirmed cases of coronavirus in New Zealand, as of Monday morning.

The latest cases included a man in Wellington, who came from Australia, and a woman who travelled from Denmark via Doha.

A number of additional cases were under investigation and hundreds had tested negative for the virus.

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