MBIE says the overall fuel stocks remain “well above” the minimum requirements. Photo / Dean Purcell
Since the last update, petrol stocks have decreased by 2.9 days, diesel stocks have decreased by 1.7 days, and jet fuel stocks have increased by 7.5 days.
“These movements are routine and consistent with typical shipping patterns and are what we would expect even without the conflict in the Middle East,” MBIE said.
This update comes after almost half a billion dollars has been held in reserve by the Government in Budget 26 to address further shocks from high fuel prices.
A total of $450 million has been allocated for the 2026-27 financial year.
Finance Minister Nicola Willis described it as an “emergency savings account” that she hoped the country would not need.
Finance Minister Nicola Willis. Photo / Mark Mitchell
Willis pointed to forecasts of falling fuel prices, including a predicted average petrol price of $2.71 per litre.
The United States-Israel war with Iran had caused global fuel shocks, almost completely choking supply through the Iran-controlled Strait of Hormuz, where about 20% of the world’s oil originates.
While ceasefire talks have increased in recent weeks, the threat of ongoing strikes hasn’t abated, meaning the global disruption could persist.
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