Z Energy says New Zealand’s fuel supply remains secure through to the end of October, but escalating conflict in the Middle East is putting upward pressure on import costs.
The fuel company says shipments are continuing to arrive as scheduled despite increasing volatility across global markets.
“Fuel supply into New Zealand remains secure. We continue to have visibility of supply through to the end of October, with fuel shipments arriving as planned,” Z says.
Diesel import costs have risen sharply over the past week, reflecting higher international oil prices. However, Z says prices are changing daily and market conditions are expected to remain uncertain.
“Global fuel markets are expected to remain volatile, which may continue to influence pricing over the coming months,” it says.
“Any further disruption to global supply could place additional upward pressure on prices.”
Z says it is working with its supply partners to manage the effects of changing conditions and will provide further updates if there are significant developments affecting availability or pricing.
Brent crude, the international oil benchmark, has climbed above US$100 a barrel for the first time since July following further escalation in the conflict between the United States and Iran.
