Fuel stocks tick up for the first time in six updates - even as Asian refinery utilisation rates slump
Wednesday, 29 April 2026
Fuel on hand has seen a slight bump upwards in the latest stocktake of fuel stocks, taken at 11:59pm, April 26.
New Zealand has 52.8 days of petrol cover - 36.4 in the country, 7.2 days on the water in our economic zone (EEZ) and 9.3 days outside the EEZ. The last count on Monday showed 51.8 days on hand.
As far as diesel goes, there is 46.1 days of cover - 27.5 days’ worth in country, 4.6 days within the EEZ and 14.1 days outside the EEZ. This compares with 41.3 days previously.
And for jet fuel, there is 49.1 days spare being stored - 31.8 days in country, 1.7 days on the water in the country’s EEZ and 15.6 days on water outside the EEZ. The last stocktake of jet fuel showed 45.7 days.
In each case, there appears to be more ships setting sail for New Zealand and not yet within this country’s waters, holding fuel.
Read more:
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Government prepares for possible move to Phase 2 of fuel plan
Again MBIE’s message was along the lines of “no problemo” - “Stock movements reflect the usual shipping patterns and routine variations we would expect to see even without the conflict in the Middle East. Overall fuel stocks remain well above the minimum requirements, the supply chain is operating smoothly, and fuel is continuing to flow into the country as expected.
“Fuel importers have provided good confidence through confirmed orders to mid-June, with planned orders extending into July.”
On Tuesday, Prime Minister Christopher Luxon announced the government had signed a letter of intent with Z Energy to procure and store an additional 90 million litres of diesel - about 9 days of supply, in anticipation of constraints on that vital fuel.
Under the agreement, Z Energy will procure, own, and manage the fuel, while the Crown will control its release to the market during supply disruptions. The extra diesel is expected to arrive and be in storage by late June or early July.
Asian situation
Asian refining throughput is set to tumble in April and May as crude imports hit a 10-year low and the Iran war forces refiners to process lighter grades, curbing diesel and jet fuel output by at least 1 million barrels per day, analysts and refining sources said.
Despite New Zealand’s fuel stocktake today heading in a more positive direction than the last five readings, Reuters has today reported that Asia, which accounts for most of New Zealand’s global refining output, will see a 22% drop of crude imports on an annual basis.
In South Korea, refinery utilisation rates will likely drop to 65% in late April and early May, one expert told the publication, while in Singapore, refinery utilisation rates have averaged below 50%, down from 70% typically.
Reuters said Asian refiners had bought light West Texas Intermediate and medium-sour Mars grades from the US, Kazakhstan's light sour CPC Blend and sweet West African oil to fill the gap - grades that typically produce more gasoline and naphtha. This means less diesel and jet fuel being made.
A Singapore-based trader told Britain’s FT that low output from the city-state was driving up the market price for jet fuel, “significantly” increasing costs for airlines in Australia and New Zealand.