New Zealand continues to hold healthy fuel stock levels, with no need for restrictions, Finance Minister Nicola Willis and Associate Energy Minister Shane Jones say.
As at midnight on March 15, combined petrol, diesel and jet fuel stocks equated to about 49 days of cover nationwide, including fuel held in onshore storage and shipments already en route to New Zealand.
“It’s important to remember that fuel supply is inherently dynamic. Stock levels fluctuate week to week as fuel is consumed and new shipments arrive,” Willis says.
“Levels are down slightly from last week, but the changes reflect normal patterns of consumption and shipping. They are not a sign of supply disruption.”
From this week, the Ministry of Business, Innovation and Employment will also report on fuel shipments currently on their way to New Zealand, providing additional visibility over supply.
“More than a week’s worth of fuel is scheduled to arrive over the coming days, with additional shipments already on the water and due later this month,” Willis says.
Jones, who holds responsibility for fuel security, says the Government is working closely with industry to improve the frequency, quality and timeliness of fuel data.
“This is critical to ensuring we can identify emerging risks early and plan appropriately. My expectation is that fuel companies are responsive and continuing to work constructively with government as the situation evolves,” Jones says.
He says New Zealand remains well positioned despite disruption caused by the closure of the Strait of Hormuz.
“All indications are, so far, that New Zealand is well-placed to deal with the fallout from the closure of the Strait of Hormuz. We are working closely with other countries and our suppliers to ensure this continues,” Jones says.
Jones says there is currently no need to introduce fuel rationing.
“I want to be clear that at this stage, there is no need for fuel restrictions. Introducing rationing or restriction measures before there is clear evidence of a genuine shortage won’t create more fuel in the system.”
