New Zealand’s fuel reserves have lifted in the latest official update, offering some reassurance as global uncertainty continues to influence supply chains.
Fresh data from the Ministry of Business, Innovation and Employment shows petrol and diesel stocks have both increased since the previous snapshot. Petrol rose to 59.3 days of cover as of 25 March, up from 48.7 days, while diesel climbed to 54.5 days from 46.4. Jet fuel dipped slightly to 50.4 days.
The figures include fuel already in the country as well as shipments on the way. Fifteen tankers were either within local waters or heading towards New Zealand, with five ships within two days of port and ten more up to three weeks away.
Onshore reserves also showed modest recovery after earlier concerns. Petrol increased from 24.5 to 27.9 days of cover, diesel rose from 18.1 to 21.7 days, and jet fuel improved to 25.3 days.
MBIE said supply remained stable and there was "currently no need for New Zealanders to change how they buy fuel". The ministry added that changes in stock levels reflected normal supply patterns rather than disruption.
Prime Minister Christopher Luxon said the Government remained "gravely concerned" about the ongoing conflict in the Middle East and its wider economic effects. He stressed that maintaining fuel supply was critical.
"That's mission critical to protecting our economy. Without supply, there are serious impacts to jobs and incomes."
Luxon said New Zealand remained in phase one of its fuel response plan and had "healthy stocks" available. However, preparations were underway in case conditions worsened.
"But we are continuing to prepare for a move to phase 2 if we need to."
Cabinet has also discussed securing additional fuel through commercial arrangements. Finance Minister Nicola Willis confirmed officials were seeking proposals to boost supply.
"The proposals would involve the government working with industry partners to deliver additional fuel from offshore to manage the risk of a shortage of supply. An insurance policy, if you will."
She warned that acting early was essential to avoid stricter measures later.
"The time to take those steps isn't several weeks from now when a fuel supply problem could potentially emerge, the time to take action is now."
Despite stable supply, prices have surged, with recent data showing sharp increases for both petrol and diesel. Economists caution that pressure could intensify by mid-April, particularly for diesel, which remains vital for key industries.
Luxon said officials remained in close contact with importers and had seen no cancellations of future shipments.
"At this point in time we've had no indication that our fuel importers who we talk to daily, multiple times a day, have had any cancellation of their forward orders."