New Zealand’s fuel stocks ‘stable’, increases in petrol and jet fuel, diesel level drops

New Zealand’s fuel stocks remain stable, with increases to petrol and jet fuel, according to the latest figures.

The Ministry of Business, Innovation and Employment (MBIE) today said New Zealand had 61.9 days of petrol available, 51.5 days of diesel and 50.1 days of jet fuel either in the country or on its way as of April 1.

This compares with a previous stock level of 58.7 days’ petrol, 52.2 days’ diesel and 46.2 days’ jet fuel as of March 29.

“National fuel stocks remain stable with sufficient stock levels across petrol, diesel and jet fuel,” MBIE said in its update.

“The data shows an increase in petrol and jet fuel stocks and a slight decrease in diesel stock since the last update.

“Movements remain within expectations and show normal patterns.”

Finance Minister Nicola Willis today said she was seeing “normal flow of fuel” into the country.

She said fuel retailers continued to report no material issues with fuel shipments.

Willis acknowledged the impact the increases in fuel costs were having on Kiwis, calling for a de-escalation of the Middle East conflict.

“This is a tough time for the country,” she said.

The Middle East conflict with the effective closure of the Strait of Hormuz has caused global oil prices to skyrocket amid concerns over supply.

To deal with the potential impact of a shortage in supply, the Government unveiled a Covid-style fuel level alert system.

The country remains at Phase 1 of the plan, with a focus on monitoring global developments, easing restrictions (such as changing fuel specifications), providing information to consumers on measures to support voluntary reductions in fuel use, and working with fuel companies to keep it moving efficiently across the country.

At Phase 2 of the plan, there would be a “moderate” impact on the fuel sector, and “critical customer prioritisation measures” are invoked.

At this level, customers would still be able to get fuel, but there is a “risk of shortages to critical fuel customers”.

Last month, low-cost fuel retailer Gull experienced shortages of fuel at some of its Auckland petrol stations.

Motorists took to social media to vent frustrations over fuel pumps running dry, and in some cases had pre-paid for petrol that didn’t exist.

According to fuel-tracking app Gaspy, the average price of 91-grade petrol has increased by 39.3% to $3.47, up from $2.49 on March 3.

Diesel has risen 168.8% from an average price of $1.38 to $3.71.

The Government has launched a public information campaign through the Energy Efficiency and Conservation Authority (EECA) with tips on how New Zealanders could cut down on fuel use and save money.

Finance Minister Nicola Willis said the campaign would “consist of tips about things that motorists can do right now to reduce their own fuel costs. These include sensible, common-sense things”.