The country's diesel stocks have dropped to their lowest levels since conflict in the Middle East escalated — though new data excludes extra reserves bound for New Zealand.
The latest Ministry of Business, Innovation and Employment (MBIE) update, published this afternoon and accurate as at 11.59pm on May 31, put in-country and on-water diesel at 40.3 days' supply - below the previous record low of 41.3 days from late April.
Petrol stocks were recorded at 55.6 days' cover and jet fuel at 54.6 days, both down on the previous reading of 58.1 days and 57.8 days, respectively.
But MBIE said that the diesel figure excludes new Government reserve stocks now en route, meaning the true supply position is higher than the headline number suggests.
The extra reserves represent around nine days of typical diesel consumption.
Petrol and jet fuel are also down
A spokesperson for MBIE said the energy supply chain continued to operate smoothly, with fuel flowing into the country as expected and overall stocks remaining well above minimum requirements and within normal ranges.
The ministry attributed the week-to-week movements to normal shipping patterns and routine variation, consistent with what would be expected even without the conflict in the Middle East.
Thirteen fuel ships were reported on the water as at 11.59pm on May 31, with fuel importers holding confirmed orders through to July and planned orders into August.
Earlier this week, Finance Minister Nicola Willis and Associate Energy Minister Shane Jones said the extra reserve fuel had been loaded on May 31 and was now en route to Marsden Point in Northland, where it is expected to arrive between June 16 and 18.
A second shipment is expected to arrive in early July. Together, the two extra shipments represent around nine days of typical diesel consumption for the country.
The additional diesel supply will not count towards fuel companies' minimum stockholding obligations and will be controlled by the Government.
Willis said the reserve would strengthen the country's fuel security.
"Diesel is critical to keeping New Zealand moving. It powers freight, agriculture, construction and many of the services New Zealanders rely on every day," she said.
Jones said the Crown and Z Energy had agreed that the company would own and manage the reserve stocks, with ministers deciding how and when the reserve is used.
Channel Infrastructure is continuing work to refurbish two former crude oil tanks at Marsden Point to create around 93 million litres of capacity for diesel.
The tanks are expected to be ready to receive the fuel when the first shipment arrives.
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