Government to issue fuel stocks update after supplies dipped below 50 days

The Government will release an update on fuel stocks at 1pm, its second such release after moving to twice-weekly updates. MBIE will release the latest numbers at about 1pm. This story will update at that time to include them. The update will give fuel stocks as of 11.59 Sunday. On Monday, MBIE released figures accurate as of midnight last Wednesday, showing fuel stocks had dipped below 50 days’ cover for the first time. It showed 49.9 days of petrol, 45.5 days of diesel and 44.7 days of jet fuel either in the country or on ships on their way to New Zealand ports. On Monday, Prime Minister Christopher Luxon, Finance Minister Nicola Willis and Associate Energy Minister Shane Jones announced the Government would harmonise some fuel standards with Australia to encourage ships loaded with fuel to stop in New Zealand on their voyage. “Countries that can access a wider range of shipments are better placed to keep fuel flowing,” Jones said. Fuel refined to Australian standards was compatible with New Zealand vehicles, Jones said. The fuel also met safety and quality expectations, he added. New Zealand would not, however, be following Australia’s lead and relaxing standards to allow higher-sulphur fuel, although the Government would monitor whether further changes to fuel specifications could open up further supply channels if necessary. This arrangement could remain in place for up to 12 months if needed. On Tuesday, the Government announced a temporary $50 a week increase to the In-Work Tax Credit, which will go to a little over 140,000 households. The change will not increase the incomes of people on a benefit, which has been controversial. It was estimated to cost $373 million for the year. Willis has promised the cost would be met within the Government’s operating allowance.

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