NZ in ‘OK position’ with fuel deliveries but ‘there could be changes’, Willis says
Friday, 20 March 2026
Finance Minister Nicola Willis says “fuel supplies are looking good”, with around seven weeks worth of petrol, diesel and jet fuel either in the country or on ships heading our way, but the situation could change if the conflict in the Middle East drags on.
The latest fuel stock figures were released by MBIE on Wednesday, dated to Sunday, March 15. Petrol stocks were sitting at 51.3 days cover (28.1 in country and 23.3 on the water), while diesel has 47.1 days cover and jet fuel is at 49 days.
“That remains the case,” Willis told Stuff’s Samantha Hayes on Friday. “We still have ships on their way, safely.”
Asked if any ships had cancelled their scheduled deliveries, Willis said, “Not that we’ve been made aware of - and we would expect to be made aware of that.”
Domestic fuel companies were working closely with the Government, she said, and if there were any disruptions with expected deliveries, they would inform ministers.
About 51% of New Zealand’s refined fuel typically comes from South Korea, and 31% from Singapore.
But both of those countries get most of their crude oil from the Persian Gulf, through the Strait of Hormuz, which Iran has effectively blocked. That could cause issues down the line, Willis said.
“In South Korea’s case, they’ve said that they are going to make sure that those fuel refineries serve at least 90% of domestic need before they’re able to export any fuel, and the South Koreans have indicated that they will not be delivering any more fuel than was delivered in 2025 to their customers,” she said.
That leaves New Zealand in “an OK position,” Willis said, “but we’re conscious that to meet that 90% domestic requirement, there could be changes down the line”.
Singapore’s refineries were producing a lot less fuel than normal, but the country has “assured us that they value their relationship with New Zealand a lot,” she said.
Still, the situation in both Asian countries “could lead to some challenges” in Aotearoa.
Willis told Hayes the conflict in the Middle East had become “more prolonged” than many predicted, and would have ramifications for global fuel supplies “for potentially weeks and months to come”.
“We think it’s appropriate that New Zealand be prepared for a range of scenarios so that if the worst-case happens, we’re ready,” she said.
The finance minister said the Government and officials were “working on [a] policy proposal right now” to support households with the cost of fuel.
“We know the price of petrol right now is too high for many, many people already, and we can foresee that that price may go higher,” she said.
Stuff understands the Government is particularly focussed on relieving the pressure on working households, so it’s unlikely any package would include increases to main benefits.
Willis has spoken repeatedly of the need to keep any relief timely, targeted and temporary, which the Government views as one of the key learnings from the cash injections of the Covid-era.