Ms Collins ordered the Fuel Market Financial Performance Study in the face of pump price differences of more than 20c a litre across the country last February, but the study revealed few already unknown insights, prompting the minister to call for a report on the study.
In a quarterly trading update released yesterday, Z Energy reiterated its was ''disappointed'' by the study, done by the Ministry of Business, Innovation and Employment and the New Zealand Institute of Economic Research, claiming it did not address most of the terms of reference.
''The study was inconclusive owing to incomplete data from the nominated participants, failure to engage with most of the industry participants and insufficient consideration for fundamental issues, such as
the reasonableness of profits,'' the company said.
No decision had been made on whether the Commerce Commission would undertake a market study, noting that it would require legislative change to do so, which was not scheduled to be enacted until mid-2018 at the earliest.
Some other analysts have speculated the legislative change, launching an inquiry and delivery of findings could take two and a-half to three years.
However, Z said yesterday it was confident a well-resourced and independent study would ''clearly demonstrate'' industry profits were reasonable when measured against domestic and international benchmarks.
The quarterly report said fuel sales for Z had climbed 2.5% during the quarter to June and its national market share was up from 44.7% to 45.1%, quarter to quarter.
Forsyth Barr broker Damian Foster said total, all fuel, sales volumes were up more than 2.5% against a year ago. The main driver was a strong lift in jet fuel volumes, after Z won two new airline contracts.
Mr Foster said while Z's retail volumes were down 4.8% on a year ago, most of that was related to the divestment of 19 service stations, as required by the Commerce Commission, when Z purchased Caltex's assets for $785million in June last year.
Caltex Australia completed its acquisition of the Gull network of stations in New Zealand, established in 1998, about two weeks ago. Caltex paid $340million for Gull's 77 retail sites, 22 supply sites and its Mount Maunganui fuel import fuel terminal. Gull represented about 5% of the New Zealand market.
