Fuel update: Significant increase in diesel and jet fuel stocks as petrol dips

New Zealand’s diesel and jet fuel stock levels have jumped up sharply, while petrol levels have slightly dipped.

That’s according to the latest Ministry of Business, Innovation and Employment (MBIE) data covering stock levels based on fuel in the country and on the way to New Zealand.

Stocks of petrol are slightly down, while diesel and jet fuel levels have increased significantly, which MBIE attributes to several large shipments that have recently embarked for New Zealand.

The data shows as of April 29 there is 34.9 days of petrol, 27.1 days of diesel and 31.4 days of jet fuel in the country.

MBIE also tracks shipments of fuel making their way to New Zealand. Three ships are within New Zealand’s economic zone and between them are carrying 6.1 days of petrol and 3.6 days of diesel.

There are also nine ships in international waters on their way to New Zealand. These ships are carrying 11.7 days of petrol, 22 days of diesel and 27.3 days of jet fuel.

Overall, New Zealand as 52.6 days of petrol, 52.7 days of diesel and 58.7 days of jet fuel either in the country or on the way to New Zealand.

MBIE, which releases twice-weekly fuel updates, said the supply chain was operating smoothly despite disruptions caused by the blocks in the Strait of Hormuz.

“Stock movements reflect the usual shipping patterns and routine variations we would expect to see even without the conflict in the Middle East.”

The Strait of Hormuz has been effectively closed or under tight restrictions since late February. As a strategic shipping route for around a quarter of the world’s seaborne oil, this chokehold has caused surging fuel prices in many nations, including New Zealand.

Overnight, US President Donald Trump announced the United States would help “guide” ships affected by the war in Iran through the Strait of Hormuz.

In a post on Truth Social, Trump said US officials were having “very positive” discussions with Iran and “these discussions could lead to something very positive for all.”

He said ships from nations that had “absolutely nothing to do with” the Iran war had asked the US for help.

“We have told these countries that we will guide their ships safely out of these restricted waterways.”

According to reports from the Guardian, Iran’s foreign ministry has confirmed it has received and was studying a response from Washington to the 14-point peace plan it had sent to Trump, which was reported to be focused on an initial agreement to open the Strait of Hormuz.

Julia Gabel is a Wellington-based political reporter. She joined the Herald in 2020 and has most recently focused on data journalism.