The latest Ministry of Business, Innovation and Employment (MBIE) fuel update shows New Zealand had 40.3 days' worth of diesel supply either in the country or on the water as of Sunday night.
That is down from 44.2 days reported in the previous update, four days earlier.
Petrol stocks also declined, falling from 58.1 days' supply to 55.6 days, while jet fuel dropped from 57.8 days to 54.6 days.
The latest figures continue a gradual decline in fuel stocks over the past month. On May 4, New Zealand had 52.7 days' worth of diesel supply available or on its way, alongside 52.6 days of petrol and 58.7 days of jet fuel.
Since then, diesel stocks have fallen by more than 12 days' worth of supply, although MBIE has consistently said the movements reflect the timing of fuel shipments rather than any deterioration in the country's fuel security.
The diesel decline comes as the government prepares to receive the first shipment of fuel that will make up its new strategic reserve at Marsden Point.
The shipment forms part of a combined 93 million litres of diesel secured by the government and Z Energy, enough to cover about nine days of typical national diesel demand.
MBIE noted the government-controlled reserve fuel is not included in the published stock figures because it has not yet arrived in New Zealand.
That means the current diesel figure does not reflect the additional fuel already heading toward the country.
The reserve is due to be stored in two refurbished tanks at Marsden Point, the former refinery site north of Whangārei, after the first shipment arrives later this month.
A second shipment is expected in early July.
'Fuel flowing… as expected' says MBIE
The strategic reserve was announced in April amid ongoing concern about global fuel supplies following conflict in the Middle East and New Zealand's reliance on imported refined fuel.
Despite the fall in stocks, MBIE said fuel supplies remained healthy, and the declines reflected normal shipping movements.
"The fuel supply chain continues to operate smoothly, with fuel flowing into the country as expected," the ministry said.
"These movements are routine and consistent with typical shipping patterns and are what we would expect even without the conflict in the Middle East."
The latest figures show there were four fuel tankers within New Zealand's Exclusive Economic Zone (EEZ) carrying supplies expected to arrive within two days, while another nine ships were outside the EEZ and up to three weeks away.
Fuel importers have continued to provide confidence that supplies will remain stable, with confirmed orders extending through July and planned orders reaching into August.
Earlier this month, Finance Minister Nicola Willis said fluctuations in stock levels reflected the "normal lumpiness" of ships arriving and unloading fuel at different times, noting that stock levels had risen significantly in previous updates before easing back.
The government has repeatedly stressed that overall fuel stocks remain comfortably above minimum requirements and that significant shortages would require a major and prolonged disruption to international fuel markets.
For now, officials said the latest movements are part of the normal ebb and flow of fuel shipments.
This story was first published on rnz.co.nz |  |
