Consultation opens on onshore fuel stockholding levels
Published: 17 January 2022
The Ministry of Business, Innovation and Employment (MBIE) has today opened consultation on a proposed requirement for a minimum onshore fuel stockholding level and the options for how it can be achieved.
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In September 2021, Cabinet asked officials to investigate the option of increasing minimum levels of fuel stock held in New Zealand to improve our fuel security in the event of a fuel disruption. This review of fuel security was prompted by the significant change in the fuel supply chain after the move by Refining NZ to switch to an import only terminal and end refinery operations at Marsden Point by April 2022.
The preferred option for minimum onshore fuel stockholding levels is similar to what has been proposed in Australia, namely 28 days of cover for diesel and its biofuel equivalent, and 24 days of cover for petrol and jet fuel.
The options for achieving a target level of onshore fuel stocks are:
- Government procuring stock or tickets for onshore fuel stocks
- Requiring fuel wholesale suppliers to meet a minimum onshore fuel stockholding level
- Establishing a stockholding agency for managing the minimum stockholding obligations of fuel industry participants and the Government.
MBIE is now seeking feedback on the options put forward in the consultation document released today.
The consultation period runs for 6 weeks with submissions closing at 5pm on 28 February 2022.
MBIE media contact
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