Latest figures show fuel stock supply still stable, with 49 days in total in country and heading to NZ

The country has a combined fuel stock of 49 days onshore and heading into New Zealand, the latest figures show.

The Ministry of Business, Innovation & Employment’s latest fuel stock update as of midnight, March 15, recorded 51.3 days of petrol (28.1 days in country and 23.3 days on water), 47.1 for diesel (22.7 in country and 24.3 on water) and 49 for jet fuel (25.6 in country and 23.4 on water).

Compared to last week, there was a total of 52 days overall for petrol, diesel and jet fuel in country and in-water on the way. There was 57.9 days worth of petrol total, 49.9 of diesel and 46.8 of jet fuel.

New Zealand previously legislated minimum fuel stockholding obligations should the country face major disruption to supply. The levels are set at 28 days’ cover for petrol, 24 for jet fuel and 21 for diesel.

There are 11 shipments of fuel on the way to New Zealand in the next two weeks. That includes 10 vessels coming between March 16-22 bringing 22 days’ worth of petrol, 14 of diesel and 13 of jet fuel. One more is coming between March 23-29 with six days’ worth of petrol.

MBIE figures stated the average daily demand for petrol was 8.1 million litres, 10.7 million litres for diesel and 4.8 million litres for jet fuel.

Finance Minister Nicola Willis said fuel supply was “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.”

Associate Energy Minister Shane Jones reiterated there was no need for fuel restrictions at this stage.

“Introducing rationing or restriction measures before there is clear evidence of a genuine shortage won’t create more fuel in the system.”