New Zealand's fuel stock levels have risen in the latest official update, with new data showing 15 tankers were either in local waters or heading for the country as officials continue work to reassure the public over supply.
The Ministry of Business, Innovation and Employment data, published this afternoon, showed an increase across petrol and diesel compared with the previous update.
At the start of another week, there are more signs the deepening oil crisis will continue to hit Kiwi families hard. (Source: 1News)
Total petrol stocks climbed to 59.3 days of cover as of March 25, up from 48.7 days in the previous snapshot taken on March 22.
Diesel rose from 46.4 to 54.5 days, while jet fuel reduced slightly from 53.4 to 50.4 days.
The overall measure included both in-country and on-water data, meaning it included ships that might still be weeks away.
But in-country stocks also recovered slightly after hitting their lowest point this month in the March 22 data. Petrol on the ground rose from 24.5 to 27.9 days of cover, diesel climbed from 18.1 to 21.7 days, and jet fuel increased from 20.1 to 25.3 days.
The rebound came after concerns had been raised about dwindling onshore diesel reserves, which prompted the ministry to release an out-of-cycle update on Thursday.
Speaking to Breakfast's Tova O'Brien, the Prime Minister said the Government was considering changes to tax settings and potentially further "targeted" support for New Zealanders. (Source: Breakfast)
Today's release introduced a new reporting format, splitting on-water stocks into two categories: Fuel within New Zealand's exclusive economic zone (EEZ) deemed to be up to two days from port, and fuel on ships outside the EEZ but up to three weeks away.
Five ships were up to two days away, and 10 vessels were up to three weeks away.
MBIE said fuel supply remained within normal levels and there was "currently no need for New Zealanders to change how they buy fuel".
The ministry said changes in stock levels reflected normal patterns rather than supply disruption, and fuel companies had been providing immediate updates to officials with no reports of material issues with future shipments.
Refineries in Singapore and South Korea are crucial to New Zealand’s fuel provisions. (Source: 1News)
National fuel prices have climbed significantly for both petrol and diesel since the start of the conflict in the Middle East, with the latter now rising sharply.
Starboard Maritime Intelligence maritime domain analyst Mark Douglas told 1News last week the supply picture at the time "doesn't seem too different from a year ago".
However, Douglas warned that Asian refineries in Singapore, Japan and South Korea — which supply most of New Zealand's fuel imports — had been operating at reduced capacity to stretch remaining crude stocks.
The real risk for New Zealand would emerge when product tankers leaving those Asian hubs began to slow or were diverted to competing markets, he said.
"It's not what we're seeing yet, but it's certainly something that we are aware might start to happen as the supply becomes constrained and there becomes more competition for the fuel that is available."
SHARE ME