Petrol and diesel stocks dip, jet fuel rises in weekly fuel stocktake

Wednesday, 20 May 2026

In the latest fuel stock update, there are 54 days of petrol, down from 56.2 in Monday’s update, 46 days of diesel, down slightly from 46.3 and 55 days of jet fuel, up from 47.7 of jet fuel either in the country or on the way.

In terms of petrol, there were 34 days’ worth in country, 2.1 days on water within the Exclusive Economic Zone (up to two days away) and 17.9 days on water outside the EEZ, up to three weeks away.

Diesel stocks consisted of 21.7 days on land, 11.7 days on water within the EEZ and 12.6 days on water outside the EEZ.

Jet fuel stocks were up slightly with 29.5 days on land, 13 days’ worth on water within the EEZ and 12.5 days on water outside the EEZ.

Read more:

• The world is depleting its oil inventories at a record pace: IEA

• Air New Zealand expecting full-year loss of nearly $400m due to jet fuel costs

• Fuel plan shows how rationing would roll out — if ever needed

MBIE said on its website that the fuel stocks remained well above minimum requirements and within normal ranges, with regular shipments continuing to arrive as expected.

Also the statement said that fuel importers have confirmed orders to late June, with planned orders extending into early August.

The International Energy Agency (IEA), which keeps a stocktake on world oil stocks, said earlier this week that more than 10 weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz were depleting global oil inventories at a record pace.

IEA’s May report found global oil inventories drew down by 117 million barrels - after depleting by 129 million barrels in March - and on-land stocks in OECD countries plummeted by 146 million barrels in April.

A fall in global oil production was squeezing from the other side - output dropped by 1.8 million barrels a day from pre-Iran war times, bringing production down to 95.1 million barrels a day. Before the war against Iran, global production of oil ranged between 103 and 108 or so million barrels of oil each day.

Output from Gulf countries has slumped, down a billion barrels of oil since the war began and with 14 million barrels “shut in” in the Strait of Hormuz in what the IEA calls “an unprecedented supply shock”.

Crucially for New Zealand, refiners upon which this country rely have reduced runs and sharply scaled back crude imports. Korea is taking in one million barrels a day less into its refineries, for example, and is where New Zealand gets the bulk of its refined fuels (petrol, diesel and aviation fuel).

MBIE has added some graphs to its website showing the movements in New Zealand fuel stocks since the fuel response began.