Z Energy questions official data

New Zealand’s largest fuel company has published figures about its margins in recent months in a bid to show official data is wrong.

As the political debate around petrol margins intensifies, Z Energy has moved to update investors through a statement to the New Zealand stock exchange.

‘‘Z has received multiple queries from media and shareholders regarding commentary around retail fuel margins and alleged changes in Z’s pricing behaviour, some of which have resulted in questions regarding Z’s reputation and approach to competition,’’ the statement said.

The pressure comes on the back of data from the Ministry of Business, Innovation and Employment (MBIE) on the margins retailers are making on petrol.

On the face of it the data, which is subject to quarterly revision, suggests that margins collapsed in the weeks leading up to an inquiry into fuel margins, before rising strongly weeks later.

This prompted Energy Minister Judith Collins to accuse the fuel industry of ‘‘cynical’’ moves, linking the timing of increases to the start of school holidays.

MBIE later said industry claims that regional discounting collapsed, meaning margins were much lower than the figures suggested, were ‘‘highly unusual’’ and raised questions about ‘‘the overall competitiveness of the market’’.

But Z Energy said it had raised concerns about the ‘‘inaccuracy’’ of the data in a meeting with MBIE on July 25. At a second meeting, on August 31, the company ‘‘provided MBIE officials with data as evidence of its concerns’’.

‘‘Z confirms that its approach to pricing has not changed over the period and that the concerns that have caused the inquiries are not reflected in the actual fuel margin received by Z.’’