New Zealand's in-country fuel reserves have surged to some of their highest levels since the Middle East crisis began, but the pipeline of fuel on the water is thinning.
The country's fuel reserves have increased across all three fuel types, with stocks of more than 52 days of petrol, 46 days of diesel and 49 days of jet fuel.
The Ministry of Business, Innovation and Employment published its latest fuel stocks update today, drawing on data collected from fuel companies as at 11.59pm on Sunday.
Total petrol stocks sat at 52.8 days of cover, up from 51.8 days in the previous update.
Diesel rose to 46.1 days from 41.3, and jet fuel climbed to 49.1 days from 45.7.
In-country stocks were at their highest levels in weeks, with 36.4 days of petrol, 27.5 days of diesel and 31.8 days of jet fuel held onshore.
Ten ships were carrying fuel to New Zealand, with four inside the country's exclusive economic zone and six more on the way — meaning they were up to three weeks away.
But the overall fuel sitting on ships on the water has been declining for weeks.
Total on-water petrol stocks have fallen from a peak of 34.7 days in early April to 16.5 days. Diesel on the water dropped from 34.0 to 18.7 days over the same period, and jet fuel from 25.6 to 17.3.
Energy officials said overall stock movements reflected "the usual shipping patterns and routine variations" expected even without the conflict in the Middle East.
An MBIE spokesperson was optimistic about confirmed orders through June and July.
"Overall fuel stocks remain well above the minimum requirements, the supply chain is operating smoothly, and fuel is continuing to flow into the country as expected.
"Fuel importers have provided good confidence through confirmed orders to mid-June, with planned orders extending into July," they said.
Fresh data comes as the Government moved yesterday to shore up New Zealand's diesel supplies, announcing a deal with Z Energy to procure 90 million additional litres - roughly nine days' worth of cover - as a strategic buffer.
Finance Minister Nicola Willis described the extra fuel as an "insurance policy" yesterday, saying it would only be tapped in a worst-case scenario to prevent the country from reaching the higher phases of its fuel response plan.
"This is the backup buffer. It's like the money in the piggy bank that has the masking tape all over it. It's only there if we really, really need it on a rainy day," she said.
Before today, previous fuel data updates from MBIE had used vaguer language about a "healthy number of ships on water or planned."
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Today's briefing comes after several weeks of fluctuating stock levels as New Zealand monitors the fallout from the Middle East conflict on global fuel markets.
Diesel stocks had dipped to 41.3 days in the prior reporting period, prompting officials to note that in-country and near-shore stocks were as high as they had been for weeks.
The ministry said there was no need for New Zealanders to change how they bought fuel, and fuel companies had reported no material issues with future shipments.
An April 15 update had flagged congestion at Singapore's loading hub as some countries closed export facilities, pushing more vessels to load there.
MBIE said at the time that shipping delays were "likely to become more common."
PM Christopher Luxon told media yesterday he would travel to Singapore on Sunday to meet counterpart Lawrence Wong to sign a trade and essential supplies agreement ensuring Singapore would not impose export restrictions on fuel to New Zealand.
He said South Korea had also assured New Zealand it planned to continue supplying fuel.
Govt shores up diesel supplies
The extra diesel procured by the Government will be delivered to Marsden Point in Northland and stored at Channel Infrastructure's site.
The Government signed off on up to $21.6 million for the extra storage capacity, which is expected to be ready for fuel deliveries expected in late June or early July.
Z Energy will procure, own and manage the diesel, but the Crown will control when it is released. Associate Energy Minister Shane Jones said Z Energy's proposal "delivered the strongest overall advantages, providing value for money alongside practical flexibility."
Meanwhile, Regulation Minister David Seymour revealed on Monday a series of trucking and freight rule changes being developed to reduce fuel use.
Potential changes include allowing some heavy vehicles to carry more weight per trip, relaxing restrictions for oversized trucks and easing delivery curfews that restrict when trucks can travel through populated areas.
Transport Minister Chris Bishop said even small increases in permitted loads could reduce the number of trips needed, saving fuel.
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