‘No need for panic’ Jones says, as Willis brings ministers together for oil crisis response

Thursday, 12 March 2026

Finance Minister Nicola Willis says “New Zealand remains in a healthy position” as the oil crisis brought on by the war in Iran sends petrol prices soaring at the pump.

In a statement on Thursday morning, Willis said the Government's newly established Ministerial Economic Security and Supply Chains Group had met for the first time on Wednesday night.

“This group has been established with the purpose of strengthening whole-of-government co-ordination and providing clear direction during this period of heightened risk resulting from the Middle East conflict,” Willis said.

“I have made the Government’s expectations to agencies very clear. This is a fast-moving situation and New Zealand needs to be prepared for all scenarios. Whether or not they come to pass, our economy depends on ministers having full, accurate facts in order to make significant decisions, if necessary.'

The meeting had brought together ministers responsible for energy, transport, trade, economic security and internal affairs, as well as agency chief executives.

At the meeting, ministers were advised that fuel companies were reporting no significant supply chain issues and that fuel stock levels, both onshore and in transit to New Zealand, remained strong, Willis said in the statement.

The Ministry of Business Innovation and Employment provided an update on how much fuel was in the country, giving estimates of the number of days’ supply available.

As of March 8, MBIE said there was a 58-day supply of petrol, 50 days of diesel, and 47 days of jet fuel.

While that outlined the supply, it wasn’t preventing prices at the pump from soaring across New Zealand. On Thursday, the 91 unleaded petrol price was in places passing the $3 a litre mark.

Associate Minister for Energy Shane Jones said the Government was being “proactive”.

“By establishing this ministerial group, the Government is taking proactive steps to safeguard fuel supplies, support economic continuity, and enhance New Zealand’s resilience in the face of global volatility,” Jones said in the joint statement with Willis.

“New Zealanders should be reassured that we are monitoring this very, very closely. When we receive information, we will share that information,” he said.

“If circumstances change, we will swiftly notify the public. There is no need for panic or over-reaction.”

One decision taken at the Wednesday night meeting of the ministerial group was to release the equivalent of six days’ fuel supply as part of a global effort to stabilise oil prices.

The move followed a decision by senior ministers to support a recommendation from the International Energy Agency (IEA) to release strategic oil reserves.

New Zealand, one of 32 member countries in the IEA, was required to contribute to the collective release.

Jones said the Government had not yet determined the exact mechanism for the release, but it could involve terminating “tickets” or contracts to make the oil available to the market.

“We should not overlook the fact that we are making a small but significant contribution to protecting global economies and helping to ease the oil price and supply issues around the world,” Jones said.