Latest fuel stock update shows overall figures down
Despite meeting part of the criteria for changing phases in the country’s National Fuel Plan, the government says its been advised it is not required.
Finance Minister Nicola Willis says officials indicated the slight decrease in fuel stocks was within “normal fluctuations”.
The government also indicated there will be an announcement tomorrow on care and support workers affected by the costs of fuel.
The latest fuel stocks update showed there was a slight decrease in national fuel stock across petrol, diesel and jet fuel since the last update, but “supply remains within normal levels”.
Moving up or down levels is decided by a ministerial oversight group based on fuel stocks, restrictions and supply chain data.
One of the criteria for changing phases is changes to New Zealand’s fuel stock levels of plus or minus three days since the most recent published update.
Willis said in the case of jet fuel there was movement of more than three days supply, so the government did consider its assessment criteria.
Willis said the update also indicated 11 days of additional jet fuel in the Exclusive Economic Zone and on the water, so officials said a move in phases was “not required.”
Asked whether she was getting worried, she replied: “Not on the basis of the data today.”
She also said she had met with fuel importing companies on Tuesday, and they “maintained confidence” in future orders of fuel.
Prime Minister Christopher Luxon also emphasised the latest update was still within “our normal bounds,” so there was “no change for us”.
Opposition Leader Chris Hipkins said it was unclear what a move from phase 1 to phase 2 would actually mean. “The phases themselves are very, very vague.”
He said Labour had been pressing the government for more detail on what a move would mean, and what would trigger it.
“If they move to phase 2, does that mean the start of rationing of fuel, if so, how are they going to do that.
“Without that detail, New Zealanders are all in the dark,” said Hipkins.
Te Pāti Māori co-leader Rawiri Waititi said the government should move to the upper phases now, in order to ease some of the issues people faced during this fuel crisis.
During Question Time on Wednesday, Labour’s finance spokesperson Barbara Edmonds asked Willis how she would “blunt the impact” on care and support workers who were reportedly having to refuse jobs because they cannot afford the fuel to get there.
Willis responded saying the government would make an announcement on the issue on Thursday.
Fuel stocks update
There was a slight decrease in national fuel stock across petrol, diesel and jet fuel since the last update, but “supply remains within normal levels”.
The latest update said the change remains within expectations and shows normal patterns.
Data released on Wednesday afternoon by the Ministry of Business, Innovation, and Employment showed that as of 11.59pm on Sunday evening, there were 58.7 days of petrol available, 52.2 days of diesel and 46.2 days of jet fuel.
The data combines the stocks that are in-country, on the water within New Zealand’s exclusive economic zone (meaning ships with fuel unloading, ships at berth yet to unload, and ships moving between ports), or on the water outside the EEZ (up to three weeks away).
There were 29.3 days of petrol, 21.6-day supply of diesel, and 22.1 days’ jet fuel in-country.
There were six ships on the water within New Zealand’s EEZ, containing 4.3 days’ petrol, 8.4 days’ diesel, and 11.4 days’ jet fuel.
A further 10 ships were on the water outside the EEZ, carrying 25.1 days’ petrol, 22.2 days’ diesel, and 12.6 days’ jet fuel.
Data released on Monday showed there was 59.3 days’ cover of petrol, 54.5 days’ cover of diesel, and 50.4 days’ cover of jet fuel.
The US and Israel’s ongoing war on Iran has caused a global fuel crisis which is now in its fifth week as Iran continues to block most shipping through the Strait of Hormuz which is used to transit about one-fifth of the world’s oil and gas.
It has hugely disrupted key supply chains and pushed Brent crude oil over $115 a barrel, pushing up prices at the pump.
In New Zealand on Wednesday morning, the Gaspy website showed the price of unleaded 98 was $3.75 a litre, diesel was $3.51, unleaded 95 was $3.63 and unleaded 91 was $3.43.
The government has a National Fuel Plan in place outlining measures that would be taken if supplies start running dry.
It has four phases and New Zealand is currently in phase one.
Phase 2 would see homes, businesses and the public sector encouraged to conserve fuel.
The higher phases are still under consultation.
Phase 3 would see fuel prioritised for life-preserving services and phase 4 would see stricter intervention in fuel distribution.
Moving up or down levels is decided by a ministerial oversight group based on fuel stocks, restrictions and supply chain data.
You can read the full plan document here:
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