The Government says fuel levels across the country are “slightly down” from last week, but maintains this was not a sign of supply disruption.
Finance Minister Nicola Willis and Associate Energy Minister Shane Jones said the country still held “healthy levels of petrol, diesel and jet fuel” according to the latest data on fuel stocks.
Petrol stations across the country had experienced a surge of drivers filling up as petrol prices rise.
It followed ongoing disruption to the fuel industry and global supply due to pressure on the Strait of Hormuz, through which one-fifth of global oil exports normally pass.
“As at midnight on Sunday, March 15, combined petrol, diesel and jet fuel stocks equated to about 49 days of cover nationwide, including fuel held onshore in storage terminals and fuel already on ships bound for New Zealand,” Willis said.
“It’s important to remember that fuel supply is inherently dynamic. Stock levels fluctuate week to week as fuel is consumed and new shipments arrive.”
“Levels are down slightly from last week, but the changes reflect normal patterns of consumption and shipping. They are not a sign of supply disruption.”
From this week, the Ministry of Business, Innovation and Employment (MBIE) would be reporting on the pipeline of fuel shipments currently en route to New Zealand.
“More than a week’s worth of fuel is scheduled to arrive over the coming days, with additional shipments already on the water and due later this month,” Willis said.
Jones, who has responsibility for fuel security, said the Government was working closely with industry to strengthen the frequency, quality and timeliness of fuel stock and shipping data.
“This is critical to ensuring we can identify emerging risks early and plan appropriately. My expectation is that fuel companies are responsive and continuing to work constructively with government as the situation evolves.
“All indications are, so far, that New Zealand is well-placed to deal with the fallout from the closure of the Strait of Hormuz. We are working closely with other countries and our suppliers to ensure this continues.
“The public can be assured that if the situation changes, the Government will pass on that information quickly, and with plans in place to mitigate any issues,” Jones said.
“I want to be clear that at this stage, there is no need for fuel restrictions. Introducing rationing or restriction measures before there is clear evidence of a genuine shortage won’t create more fuel in the system.”