Newstalk ZB
New Zealand’s fuel stocks have slightly improved, with the latest update showing increases across all fuel types since the Government’s last update. It comes amid commentary that a major shipping route in Iran could be reopened following reports of successful negotiations of a two-week ceasefire between the US and Iran. The conflict had essentially led to the closure of the strait. Fresh figures from the Ministry of Business, Innovation and Employment (MBIE) show New Zealand has 62.6 days’ worth of petrol either in the country or on ships making their way to New Zealand. These ships are between two days and three weeks away. There is 51.7 days’ worth of diesel and 53.5 days of jet fuel within New Zealand or on the way. MBIE described the country’s fuel stocks as sufficient and remaining stable. In comparison, the previous update, provided on Monday, showed New Zealand had 61.9 days of petrol, 51.5 days of diesel and 50.1 days of jet fuel either in the country or on the way as of April 1. Today’s update comes after reports a two-week ceasefire has been brokered between the US and Iran. In a statement on social media, US President Donald Trump said the 10-point peace plan included Iran agreeing to open the Strait of Hormuz. Trump’s agreement to suspend bombing in the nation for two weeks comes after he said earlier today a “whole civilisation will die tonight” if Iran did not commit to the proposal. Domestically, the Government has provided a $50 weekly boost via the In-Work Tax Credit, which is expected to benefit around 143,000 families with children. Others, such as beneficiaries and superannuitants, didn’t benefit from this change but did receive an automatic, annual increase to the amount they receive on April 1. The Government also announced a temporary 30% boost to the mileage rates of home and community support workers. These are workers who have to drive to homes to provide care. Luxon has not committed to broadening financial support. He said although he understood the pressure of rising prices for households, he was not willing to get the “cash bazooka” out, saying it may lead to increased inflation. Yet, despite expectations the conflict would increase inflation, the Reserve Bank is expected to keep the Official Cash Rate (OCR) on hold when it releases its latest Monetary Policy Review later today. Air New Zealand says its jet fuel bill has doubled since the conflict began, with the rising costs leading to some flights being cancelled. Schedule changes in May and June were expected to affect around 4% of flights and 1% of passengers due to travel, the airline said. Julia Gabel is a Wellington-based political reporter. She joined the Herald in 2020 and has most recently focused on data journalism.
Go to News Site