Stocks of diesel, petrol and jet fuel drop, satisfies trigger for alert level move

New Zealand’s stocks of diesel, petrol and jet fuel have dropped since the last update, satisfying one of the Government’s triggers to consider moving up its fuel alert level system.

However, Minister of Finance Nicola Willis has confirmed the Government won’t review the country’s alert level, citing officials who claim stock levels are within “normal ranges”.

The latest Ministry of Business, Innovation and Employment update, published at 1pm, said there was 47.7 days’ worth of diesel in the country or on its way as of Sunday.

That was down from 52.7 days’ worth in an update last Wednesday.

For petrol, today’s update said there was 49.3 days’ worth in or coming to the country, down from 52.6 last week.

Jet fuel was also down, dropping from 58.7 days’ worth to 55.1 days’ worth in today’s update.

Regarding fuel stocks in the country, there was 34 days’ worth of petrol, 26.1 days of diesel and 34.4 days of jet fuel.

The ministry said three ships were expected to reach New Zealand within two days, carrying 4.9 days’ worth of petrol, 2.5 days of diesel and half a day of jet fuel.

A further seven ships were expected to arrive within three weeks, carrying 10.4 days of petrol, 19.1 days of diesel and 20.2 days of jet fuel.

The ministry maintained the decrease was expected, “given the recent arrival of several shipments”.

“Overall fuel stocks remain well above the minimum requirements and within normal levels.

“The supply chain is operating smoothly and fuel is continuing to flow into the country as expected.

“Fuel importers have provided good confidence through confirmed orders to mid-June, with planned orders extending into July.”

In March, ministers Willis and Shane Jones unveiled the Government’s fuel alert level system, which would dictate how the country would respond if fuel supplies became further constrained.

New Zealand has remained in level one, which doesn’t include any significant interventions or rationing measures.

They also set out what factors would trigger a review of the country’s alert level. One of those triggers was a fuel type decreasing by three days’ worth.

This is not the first time a fuel type has decreased by more than three days’ worth. While Willis has acknowledged when that trigger has been met, she has decided against reviewing the alert level.

Willis told the Herald there would not be an alert level review following today’s update.

“Officials have advised Ministers that a review of the phase levels is not necessary given stocks remain within normal ranges, the supply chain is operating smoothly and these changes were expected.”

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.