Middle East conflict and New Zealand's fuel stocks
MBIE is actively assessing the fuel security situation for New Zealand following the recent events in the Middle East.
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Due to the Middle East conflict, the number of tankers transiting the Strait of Hormuz has come to a near standstill. The Strait of Hormuz is a key chokepoint for global oil trade, facilitating the passage of around 20 per cent of global oil supply. Around 80 per cent of the crude that passes through the Strait is destined for Asian refineries, which supplies New Zealand the petrol, diesel and jet fuel we consume domestically.
Minimum Stockholding Obligation (MSO)
From 1 January 2025, fuel importers must hold minimum levels of fuel, either onshore or in our exclusive economic zone (EEZ). Fuel importers must hold:
- 28 days’ cover of petrol
- 21 days’ cover of diesel
- 24 days’ cover of jet fuel
Information about the minimum stockholding obligation
Fuel stocks update
MBIE is actively assessing the fuel security situation for New Zealand following the recent events in the Middle East and is in close contact with fuel companies. MBIE has convened the Fuel Sector Coordinating Entity under the National Fuel Plan, which increases oversight of fuel imports and monitors the situation.
Most oil companies have said there are currently no supply chain issues
As at midnight on Sunday, 8 March, the industry confirmed the current stock level as:
| Stock description | Petrol | Diesel | Jet fuel | Total |
| Stock in-country (days cover) | 32.8 | 27.6 | 32.3 | 30.3 |
| Stock in-water (days cover) | 25.2 | 22.3 | 14.3 | 21.7 |
| Total NZ stock (days cover) | 57.9 | 49.9 | 46.8 | 52.0 |
Note the MSO counts fuel held in New Zealand and fuel already within our EEZ on ships heading here. The above data is split by stock on land, and at sea aboard ships both within our EEZ and beyond headed our way.
This week's total stocks update is very close to the same as last reported stock levels.
Impact of the Middle East conflict on our fuel security
Fuel companies report no major supply chain issues, and any variation is normal operational variation. Stock level variation is in line with normal operations variations as cargoes arrive and discharge around New Zealand.
The Government will continue to receive updated figures from fuel companies each Tuesday and publish them each Wednesday.
The International Energy Agency
New Zealand is a member country of the International Energy Agency (IEA). Membership of the IEA acts as “insurance” against disruption to international energy supplies.
The IEA is monitoring developments in the region and may intervene through collective actions like coordinating the release of strategic oil reserves by their member states.
New Zealand's participation in the International Energy Programme
Fuel prices update
New Zealand is not immune to the impacts of a changes in the global crude oil price. Higher prices are likely to flow through to fuel costs in New Zealand. More information about the price data:
More information about what the Government has been doing to ensure and improve fuel resilience: