People in Auckland have reported that Gull petrol stations have been running dry during a promotion, as the war in the Middle East drives up fuel prices.
The US-Israeli war on Iran has squeezed the international oil pipeline. The attacks, launched in February, prompted Iran to effectively shut down the Strait of Hormuz – a major shipping route responsible for the transit of 20% the world's oil.
It's resulted in an increase in petrol prices, with Kiwis looking for a deal at the pump.
On social media, people reported that stations at Onehunga, Greville Road, Henderson, Torbay, Takanini and Takapuna had run out of fuel at various times.
The issues came after Gull cut prices by 14c a litre yesterday.
Video sent to 1News by an Auckland motorist at Gull Henderson showed the display boards for 91 and 95 fuel were blank, with signs on the nozzle reading "out of order".
In Onehunga, locals complained on social media that both 91 and 95 were "out of order".
"People panic buying in case it goes up more," one person commented.
A motorist at Gull Takapuna said there was "confusion" as people went to pay for gas but couldn't get the product they wanted.
The motorist said they had pre-paid for fuel, but it was later refunded.
Yesterday, the Eastern Times reported that one of its reporters tried to fill their vehicle at Gull on Te Irirangi Drive, but nothing came out of the nozzle. A Gull staffer told them that particular station had run dry.
In a statement to 1News, Gull confirmed some of its stations had sold out yesterday.
"Gull had another big day of sales yesterday as customers flocked to our discount day," the company said.
"Yesterday, over 97% of our sites were able to meet the extra demand from Gull’s customers.
"Sites that sold through yesterday, have, or are currently being refuelled for Gull’s customers by our logistics providers."
Finance Minister Nicola Willis told Ryan Bridge TODAY the Gull stations running dry should not be taken as a sign of a fragile fuel market.
“What I can assure you is that Gull as an overall entity has sufficient fuel supply, so you will from time to time see regional variation, but that should not be taken as a sign of the fuel market being disrupted right now,” she said.
The conflict in the Middle East has pushed oil prices higher, with a barrel of Brent crude, the international benchmark, rising 9.2% to $100.46.
Iran’s new supreme leader, Mojtaba Khamenei, has said he would continue to keep the Strait of Hormuz closed as leverage against the US and Israel.
To make up for the shortages, the International Energy Agency, of which New Zealand is a member, said it would release a record 400 million barrels from stockpiles.
According to AP, however, analysts say that if the Strait of Hormuz remains closed, oil prices could jump to $150 per barrel.
Energy Minister Shane Jones said there was "no need for panic or over-reaction".
“New Zealanders should be reassured that we are monitoring this very, very closely.
"When we receive information, we will share that information. If circumstances change, we will swiftly notify the public."
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