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Summarised by Centrist
Several Gull stations had “run dry for the second time in three days”, while Gull itself said customers had continued to “flock to our stations in search of fair fuel prices.”
The company said “some of our logistics providers are struggling to meet the current 15 percent plus increase in demand”, even though it insisted it still had “good levels of fuel at its terminal” and that there was “still plenty of fuel for everyone in Auckland [and] the rest of the country”.
RNZ reports that petrol “has tipped over the $3 a litre mark in some areas”, while Stuff reports that 91 unleaded has reached “up to $3.24 in parts of the country”.
Gaspy says the average price of 91 is now above $3 nationally, up about 20 percent since the start of March, when it was roughly $2.50 per litre. Despite isolated run-outs, suppliers insist there is no supply crisis, with Waitomo’s CEO saying any outages have typically lasted “a maximum of 30 minutes” and stressing: “There’s nothing to worry about.”
The wider cause is the conflict in the Middle East and the effective closure of the Strait of Hormuz, a chokepoint through which “around 20 percent of the world’s oil consumption or 20 million barrels a day” normally passes.
MBIE says that the country has “more than 50 days of fuel stock either onshore or on its way to New Zealand”. Ministers have also stressed that “there is no need to panic”.
However, Nicola Willis warned there could be “problems weeks or months down the track”, while Shane Jones said ministers were getting advice on “all the options” if the situation deteriorates.
Willis has also said New Zealand will not be “rushing to buy unsanctioned Russian oil”.
Under the National Fuel Plan and the old demand-restraint laws, the government could limit purchases, restrict container sales, shorten opening hours, and even revive measures similar to “car-less days”.
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Read more over at RNZ, Stuff, and The NZ Herald
