“There is also a ship currently loading diesel in Singapore, and this will be on the way to New Zealand shortly.”
Further declines in fuel stock levels were expected over the coming weeks, MBIE said, but fuel tankers were en route to New Zealand to replenish them.
“This is normal and is how fuel companies manage their daily business, with fuel distributed around the country and then replenished by incoming imports,” MBIE said.
“Fuel tanks are not kept at 100% capacity all the time.”
Finance Minister Nicola Willis said the dropping stock levels were not concerning and these levels would continue to fluctuate in the coming weeks.
“We’ve had assurances from fuel companies that their order books are full through to the end of May, that they are having no challenges placing future orders in June.”
The country’s fuel prices have been affected by the conflict in the Middle East that started after the United States and Israel attacked Iran.
Iran retaliated with its own strikes and essentially closed the Strait of Hormuz, a global and strategic shipping route.
This has added pressure to the fuel market globally, with some New Zealanders reportedly struggling with their own fuel costs.
Julia Gabel is a Wellington-based political reporter. She joined the Herald in 2020 and has most recently focused on data journalism.
