NZ fuel stocks drop below trigger threshold, yet no change to alert level

New Zealand’s fuel stocks have fallen across diesel, petrol, and jet fuel, meeting one of the Government’s triggers to consider lifting its fuel alert level.

However, Finance Minister Nicola Willis says there’ll be no change for now, with officials advising supply remains within normal ranges.

The latest update from the Ministry of Business, Innovation and Employment (MBIE), released at today shows diesel stocks have dropped to 47.7 days’ worth as of Sunday, down from 52.7 days in the previous update.

Petrol reserves have also declined, falling from 52.6 days to 49.3 days, while jet fuel has decreased from 58.7 days to 55.1 days.

Current onshore stock levels sit at 34 days for petrol, 26.1 days for diesel, and 34.4 days for jet fuel.

Additional shipments are already en route, with three tankers due to arrive within two days carrying the equivalent of 4.9 days of petrol, 2.5 days of diesel, and 0.5 days of jet fuel.

A further seven shipments are scheduled within the next three weeks, expected to deliver 10.4 days of petrol, 19.1 days of diesel, and 20.2 days of jet fuel.

Under the Government’s fuel security framework, a drop of three days’ supply in any fuel type is enough to trigger consideration of a higher alert level. Despite that threshold being met, Willis confirmed the Government won’t review the current setting.

“Officials have advised Ministers a review of the phase levels is not necessary given stocks remain within normal ranges, the supply chain is operating smoothly and these changes were expected,” Willis told the NZ Herald.

MBIE says the recent decline in stock levels was anticipated following the arrival of earlier shipments, and maintains overall supply remains healthy.

“Fuel stocks remain well above minimum requirements and within normal levels,” the ministry said.

“The supply chain is operating smoothly and fuel is continuing to flow into the country as expected.”

Fuel importers have confirmed supply orders through to mid-June, with additional shipments planned into July.

The Government introduced its fuel alert level system in March, outlining how it would respond to potential supply disruptions. New Zealand remains at level one, which does not involve any interventions such as fuel rationing.

While this isn’t the first time stock levels have dropped enough to meet a review trigger, Ministers have so far opted to hold the alert level steady.

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