Transport companies are already feeling the impact of rising fuel prices and the increased costs are likely to be passed on to businesses and consumers, according to Transporting New Zealand.
The industry body says it is closely monitoring developments in global fuel markets and supply security as tensions in the Middle East continue to affect energy markets.
Transporting NZ says a special meeting of the Freight Advisory Council was to be held on Wednesday evening to share the latest information with industry organisations, with further updates expected afterwards.
The organisation says it has been gathering information from sources including the Ministry of Business, Innovation and Employment (MBIE), the Ministry of Foreign Affairs and Trade (MFAT) and fuel importers.
MBIE’s latest fuel stocks data shows New Zealand has “healthy stock levels, both onshore and en route”. As at midnight on March 1, the country had about 25 days of diesel stock onshore and a further 29 days of diesel supply on vessels bound for New Zealand.
Transporting NZ says it is also monitoring commentary from fuel importers as global markets remain volatile.
Z Energy says it is closely watching developments in the Middle East but has not experienced any disruption to its ability to supply customers.
“At this stage, there are currently no impacts on Z’s ability to supply our customers. However, global energy markets remain highly volatile and, to the extent the situation in the Middle East remains unresolved in the weeks ahead, we can expect to see growing pressure on global fuel supply chains,” the company says.
BP says it is continuing to monitor the situation and will respond to any impacts as they arise.
Mobil says it has convened a regional team to assess potential impacts on its operations, business and customers.
Transporting NZ is encouraging operators to review their operating costs and make use of industry cost tools and advisory services available to members.
The organisation says its cost model tool and the Grant Thornton Cost Index are available to members to help manage rising operating expenses as fuel price pressures build.
