New Zealand’s national fuel stocks remain stable and sufficient despite recent declines, with ministry officials saying the changes meet the technical threshold for a phase assessment but reflect normal supply fluctuations and pose no immediate risk.
As of 11.59pm on April 19, New Zealand had the equivalent of 51.2 days of petrol, 41.6 days of diesel and 47.4 days of jet fuel available.
MBIE said the fuel included stocks held in New Zealand, fuel within the country’s Exclusive Economic Zone — such as ships unloading, at berth, or moving between ports — as well as fuel on ships outside the EEZ expected to arrive within three weeks.
Compared with the previous update on April 20, petrol stocks have fallen by 2.8 days, diesel by 3.2 days and jet fuel by four days.
While those changes met the technical threshold to consider a phase assessment, MBIE advised ministers that no assessment was required as the movements did not raise any immediate concerns.
"This is the sort of variation we would expect to see when international shipping is operating as usual, without the current Middle East situation. Movements remain within expectations and show normal patterns."
Although overall diesel stocks have declined, MBIE noted that diesel held within New Zealand and its waters is close to the highest level seen since the Middle East conflict began.
A diesel tanker was also currently loading in Singapore and is expected to depart shortly for New Zealand.
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MBIE said fuel stocks are expected to dip slightly over the coming weeks as tankers travel to New Zealand to replenish supplies, describing the process as standard practice.
“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.”
The Government has been operating under phase one of the national fuel plan, which focuses on transparency and preparation, with the government closely monitoring fuel stock levels and international supply conditions.
Under phase two, the public could still access fuel as usual, but would be advised to strongly consider voluntarily reducing consumption via the use of carpooling and alternatives like public transport.
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There would be closer coordination between government and industry to strengthen supply and manage demand responsibly.
The decision to move between phases lies with a group of senior ministers, including Nicola Willis and Shane Jones, who make up the Fuel Security Ministerial Oversight Group.
In considering a move, the group monitors several criteria, including export restrictions, significant changes in stock levels, advice from fuel companies, policy shifts from Australia or the International Energy Agency, and disruptions to regional distribution.
Diesel supply remains secure – Willis
Finance Minister Nicola Willis said New Zealand’s diesel supply remained secure, despite the fluctuations linked to the Middle East crisis.
Speaking at Parliament today, she said current data showed diesel volumes in the country or its exclusive economic zone were near peak levels seen since the crisis began, and recent changes reflected normal shipping movements.
"We've been advised this is well within normal patterns, and we can expect some ups and downs over the coming weeks," Willis said.
She said order books through to the end of May showed no difficulty securing fuel, and suppliers had also indicated there would be no challenges placing future orders for June.
On the international front, Willis said intelligence showed refineries in South Korea and Singapore — where New Zealand sources most of its fuel — had secured alternative crude oil supplies.
"Those refineries have moved away from Middle East crude and are increasingly sourcing from West Africa, the United States and Brazil," she said.
She said crude volumes going into those refineries were consistent with average levels over the past year, suggesting they would be able to keep producing the refined fuels New Zealand relies on.
"As a result of all of that, we won't be doing a formal assessment of a response phase at this time, but we will keep monitoring both domestic data and international developments very carefully."
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