Strengthened fuel reserves to help support economic stability

Engine fuels are important to our economy and a fuel disruption could have big impacts on New Zealanders.

New Zealand imports nearly all of its engine fuels, making us particularly vulnerable to international and domestic supply disruptions.

Ensuring we hold enough reserve stocks in the right place to protect against possible disruptions is important to fuel security. It will safeguard against the potential impacts that a severe and sustained fuel disruption might have.

In 2022 a minimum stockholding obligation was introduced, which means from 1 January 2025 fuel importers will be required to hold 28 days’ cover for petrol, 24 days for jet fuel and 21 days for diesel.

The minimum stockholding obligation regulations introduce a new information disclosure rule which enables government to have much clearer oversight over how much fuel is held in New Zealand.

Holding enough diesel onshore will help keep essential goods moving through the country and vital services running, even if fuel supply chains have been disrupted.

MBIE has launched a consultation seeking feedback on increasing diesel reserves to 28 days’ stock to help reduce any potential impact of a disruption to supply.

Read the discussion document on increasing diesel reserves from 21 to 28 days and have your say.

Options for improving our diesel resilience

Consultation closes on Friday, 6 November 2024 at 5pm.

Read the Government’s announcement:

Stronger fuel reserves to drive economic stability(external link) – Beehive.govt.nz