Fuel stocks ‘stable’ as petrol and jet fuel supplies grow

New Zealand’s fuel stocks have risen for petrol and jet fuel, while diesel stocks have slightly decreased, according to the latest update released this afternoon. The data, collected as of 11:59 p.m. last Wednesday, indicates a 3.2-day increase in petrol stocks and a 3.9-day increase in jet fuel stocks, offset by a 0.7-day decrease in diesel.

Fuel Stock Levels Remain Stable

Fuel stock totals are categorized into three groups: fuel currently in New Zealand, fuel en route within the country’s exclusive economic zone (up to two days away), and fuel outside the zone (up to three weeks away). When combined, these categories show total stock levels.

While total stocks increased, in-country petrol and diesel stocks have decreased. There was a 2.1-day decrease in in-country petrol stocks and a 4.1-day decrease in diesel stocks, while jet fuel saw a 3.4-day increase.

Overall, total stocks remain “stable,” providing 61.9 days of petrol cover, 51.5 days of diesel, and 50.1 days of jet fuel. This compares to 58.7, 54.5, and 46.2 days respectively in the previous update on April 1.

“Fuel stocks naturally rise and fall each week as fuel is used and new shipments arrive,” a Ministry of Business, Innovation and Employment (MBIE) release stated. “Current fuel levels are broadly in line with normal levels before recent global disruptions, and fuel supply remains normal.”

The government is currently operating under phase one of the national fuel plan, which prioritizes transparency and preparation. This involves closely monitoring fuel stock levels and international supply conditions.

Phase two of the plan would advise the public to voluntarily reduce fuel consumption through measures like carpooling and public transport, while also strengthening coordination between the government and industry to manage supply and demand.

Decisions regarding movement between phases are made by the Fuel Security Ministerial Oversight Group, comprised of senior ministers including Nicola Willis and Shane Jones. The group considers factors such as export restrictions, stock level changes, advice from fuel companies, and international policy shifts.

Willis Confirms New Zealand Will Remain in Phase One

Speaking from Parliament, Willis stated that New Zealand will not be moving phases, given the stability of total fuel stocks. “We continue to hear from fuel importers that they are experiencing no material issues with future shipments, which means we have the confidence to stay in phase one of our fuel response plan,” she said.

Willis also expressed continued concern regarding the conflict in the Middle East, urging all parties to pursue restraint and negotiate towards peace. She acknowledged that Kiwis are feeling the impact of recent price increases, noting that these increases align with international market trends.

Fuel importers have agreed to collaborate more closely with the government by providing demand-related data.