Fuel stocks rise as government says supply remains stable

Summarised by Centrist

New figures from the Ministry of Business, Innovation, and Employment show New Zealand’s petrol and diesel stocks have increased, while jet fuel levels remain within the normal range.

As of Wednesday night, New Zealand had nearly 60 days of petrol, just shy of 55 days of diesel and about 50 days of jet fuel either in the country or on the way.

That includes fuel already in New Zealand, fuel on ships inside New Zealand waters, and shipments due within about three weeks. Of the total, about 30 days of petrol, about 22 days of diesel and about 25 days of jet fuel were already in the country.

Another five ships inside the Exclusive Economic Zone (EEZ) were carrying about 12 days of petrol, about six days of diesel and about two days of jet fuel, while 10 more shipments outside the EEZ were carrying about 19 days of petrol, about 27 days of diesel and about 23 days of jet fuel.

Prime Minister Christopher Luxon said the situation remained stable and there was currently no sign of disruption to supplies. Speaking to Morning Report, he said it was “business as usual” and that importers had not reported any cancellation of future fuel orders.

The government last week set out the criteria it will use to decide whether to move between phases of its national fuel plan. These include export restrictions from refineries that supply New Zealand, fuel stock levels rising or falling by more than three days from the last update, warnings from fuel companies that future orders may not be met, failures to meet minimum storage rules, major policy changes in Australia or from the International Energy Agency, and any serious disruption to fuel distribution in the region.

Read more over at RNZ

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