New Zealand's fuel stocks have dipped slightly across petrol, diesel and jet fuel, new data shows, with 14 tankers either in local waters or heading for the country.
The Ministry of Business, Innovation and Employment published its latest twice-weekly update, showing total stocks had fallen slightly from the previous report last week.
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The country counted 59.7 days of petrol, 49.1 days of diesel and 50.7 days of jet fuel as part of its stocks when the data was recorded at 11.59pm last Wednesday.
That compared with 62.6 days of petrol, 51.7 days of diesel and 53.5 days of jet fuel in the previous snapshot taken on April 5.
The latest data release comes amid turmoil in peace talks between the US and Iran, with president Donald Trump announcing he wanted a blockade on the Strait of Hormuz.
Prime Minister Christopher Luxon called for freedom of navigation to be restored through the strait, warning that the longer shipping remained disrupted, "the more it impacts New Zealanders here at home".
"It is urgent to find a diplomatic solution," he said, adding he was not aware of any request for New Zealand to participate in a US blockade.
Local energy officials said New Zealand's stocks remained stable, with the movements within expectations and reflecting normal patterns.
Luxon echoed those assurances, describing the dip reported today as "very normal" and saying the country remained in phase one of its national fuel response plan.
In-country stocks – fuel already held onshore at storage terminals – sat at 25.6 days of petrol, 21.7 days of diesel and 25.1 days of jet fuel. Those figures were also down from the previous update, which showed 28.3, 23.7 and 27.9 days respectively.
Luxon expressed confidence in fuel supplies for the coming months.
"We were very well organised, I'd say, even relative to Australia, right from day one. [Our fuel importers] give us a lot of confidence that they've got all of their orders, all of their shipments are coming through up until the end of May, even some into June.
"A lot of the refineries we've dealt with — in South Korea, in Singapore — they're finding alternative crude sources other than the Middle East, and that of course is giving everyone quite a bit of confidence in the system," he said.
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The overall total measure reported today included both in-country and on-water data, meaning it included ships that might still be weeks away.
But five ships were already within New Zealand's exclusive economic zone (EEZ), up from just two in the previous report.
A further nine vessels were outside the EEZ but up to three weeks away, down from 12.
The shift suggested several tankers had moved closer to New Zealand during the period, with petrol on water within the EEZ jumping from 1.4 to 13.6 days of cover.
MBIE said firms were managing their imports in line with demand and minimum stockholding obligations, and there had been no reports of issues with future shipments.
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The reporting format has evolved since the monitoring began. From March 30, MBIE began splitting on-water stocks into fuel within and outside the exclusive economic zone, providing a clearer picture of how close incoming shipments were to arrival.
The next update is due on Wednesday afternoon.
Fuel spend up 15% annually, Westpac report finds
Spending on fuel has increased by 15% compared to the same time last year, according to new Westpac data, as high global prices continue to put pressure on Kiwis.
The bank’s March card spending report has revealed motorists are spending more on petrol but getting less in return, with the average volume of fuel purchased per transaction down around 6% to 8%.
At the same time, the average price of 91 unleaded climbed by $1.04 per litre nationwide — a 40% increase — while diesel prices surged by $1.90 per litre over the same period.
Spending on fuel around the country had also continued to track higher into early April.
The increase follows a spike in global oil prices due to ongoing conflict in the Middle East, with tensions centred around the Strait of Hormuz, a critical transit route for the world’s oil supply.
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Westpac said the rise in fuel costs has been one of the most significant shifts in household spending in recent months, with many motorists topping up more frequently amid concerns prices could climb further.
"We also saw a 0.7% rise in grocery purchases, with many households stocking up on essentials as the Middle East conflict stoked concerns about shortages and cost increases," it said.
The bank's report suggested many New Zealanders were responding to increased fuel prices by changing their behaviour, including driving less and cutting back on non-essential spending.
Increased transport costs and supply chain disruptions were also expected to push up the overall price of goods and services, with inflation forecast to rise to around 4.1% in the June quarter.
Despite a slight decrease in global oil prices, Westpac said there would likely be a "long way to go" before fuel supply disruptions dissipated entirely.
"Here in New Zealand, ongoing costs of living pressures and economic uncertainty will be a drag on spending and employment growth over the next few months."
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