Diesel and jet fuel take another dip in latest fuel stock update

New Zealand’s stocks and expected deliveries of diesel and jet fuel have decreased in the latest update, while petrol reserves have increased slightly.

The update, published by the Ministry of Business, Innovation and Employment, showed New Zealand had 44.3 days’ worth of diesel in-country or currently being shipped here, as of Wednesday.

That’s down on the previous update last week, which said there was 47.7 days’ worth of diesel.

Of the 44.3 days’ worth, 23.5 were in the country, 1.7 on ships bound to arrive within two days and 19.1 to arrive within three weeks.

Overall jet fuel stocks had dipped by one day’s worth to 54.1 days’ worth. There were 31.8 days’ worth in the country with 0.5 arriving in the next two days and 21.8 coming in three weeks.

Petrol was the only fuel type to increase since last week’s update, rising to 51 days’ worth, up from 49.3. There were 32 days’ worth in the country, 4 set to arrive in two days and 15 that was three weeks away.

The decrease in diesel is enough to trigger one of the Government’s criteria to consider assessing a move up its fuel alert level system, which sets out how rationing measures would be applied if fuel security was further threatened.

A decrease in any one fuel type of three days’ worth or more would give the Government the opportunity to consider a shift.

The Government is unlikely to pull that lever. Last week’s update showed dips of at least three days’ worth in all three fuel types but Finance Minister Nicola Willis said she was satisfied fuel supply was secure enough.

The ministry’s update today reiterated its observations in previous updates that fuel stock fluctuations were expected.

“Some reductions over the next few updates are expected and are normal. Further shipments are planned, and fuel continues to arrive regularly.

“Overall fuel stocks remain well above minimum requirements and within normal ranges.”

Adam Pearse is the Deputy Political Editor and part of the NZ Herald’s Press Gallery team based at Parliament in Wellington. He has worked for NZME since 2018, reporting for the Northern Advocate in Whangārei and the Herald in Auckland.