Finance Minister Nicola Willis on the options govt is considering to bring fuel prices under control. Video / Ryan Bridge TODAY
Auckland motorists worried about rising fuel prices are snapping up petrol containers in droves, with auto stores across the city selling out as drivers try to lock in cheaper fuel.
The Herald spoke to workers at six Supercheap Autos from across Auckland, who all said they were sold out ofthe fuel cans.
A worker at the Westgate location said their store had new stock come in a few days ago, but it was all sold out within the same day. One person bought five of the 20-litre diesel canisters.
When asked why people were buying the canisters, the workers reported that shoppers said they wanted to get fuel at a lower price.
There were also fears of fuel running out across the country.
Fears of soaring global oil prices have rocked markets since the start of the Iran war two weeks ago.
The price of Brent crude – the international benchmark – has surged to around the US$100-a-barrel mark, reaching a high of US$120 earlier this week, having been sitting under US$70 before the conflict.
This has seen prices at the pump for Kiwi motorists surge past the $3-a-litre mark in many areas around the country.
Fuel prices have surged in recent days
Channel Infrastructure chief executive Rob Buchanan – whose company owns the Marsden Point terminal and pipeline services – played down worries about fuel supply in New Zealand while speaking on Ryan Bridge TODAY earlier this week.
“I think it’s just important to be measured about where we’re at,” Buchanan said.
“The current stockholding in New Zealand and ships on the water is pretty comforting in terms of the amount of days’ cover.
“What we can’t control are international events, but also the oil industry is good at readjusting supply chains and just needs time to do it and that’s why we’ve got these types of buffers.”
Buchanan said Channel Infrastructure has the equivalent of 12 days’ worth of New Zealand’s fuel consumption in storage at Marsden Point.
Commissioner Bryan Chapple said he has communicated with fuel companies and is prepared to publicly “call out” pricing that exacerbates ongoing global price movements.
“Nobody wants to see fuel companies using the situation in the Middle East as an excuse to unjustifiably increase prices at the pump. Any retail price increases should be aligned with actual increases in the cost of sourcing fuel.
“Public scrutiny is a powerful tool and we will use it.”
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