Summarised by Centrist
New Zealand’s fuel position is holding for now. The latest MBIE update shows more than three weeks of supply in the country across petrol, diesel and jet fuel. But the numbers were reported as of last Wednesday, before Trump’s latest move to blockade the Strait of Hormuz.
This means a global shock could still hit New Zealanders at the pump well before it shows up as a shortage in storage tanks.
The latest update shows almost 26 days of petrol, 22 days of diesel and 25 days of jet fuel in the country. Once shipments already on the water are included, the available supply rises to roughly 60 days of petrol, about 49 days of diesel and nearly 51 days of jet fuel, with nine ships due to arrive over the next three weeks.
That means there is no immediate fuel crunch. There had been fears stocks might “start to peter off” by the end of April, and while that has not happened yet, New Zealand remains tied to a global market moving through one of the world’s most fragile chokepoints.
The Strait of Hormuz normally carries about 20 per cent of the world’s oil supply, and Trump has now instructed the US Navy to blockade “any and all ships” entering or leaving the strait. The reported estimate is that the move could add “US$10 a barrel” to oil prices.
