New Zealand secures additional diesel supply amid global uncertainties

Wellington (ANTARA) - New Zealand has secured an additional 90 million litres of diesel, equivalent to around nine days of national demand, amid global fuel market uncertainties.

This is part of efforts to “boost New Zealand’s fuel reserves and help protect the country from global oil shocks,” according to a government statement released on Tuesday (28/4).

New Zealand’s Finance Minister Nicola Willis stated that the fuel procurement will be carried out under an agreement with fuel retailer Z Energy, following a competitive tender process, and will be imported and stored at Marsden Point in Northland.

“This strengthens our fuel reserves and economy, as well as reducing the potential impact of international supply disruptions due to ongoing conflicts in the Middle East,” Willis said.

New Zealand’s Associate Energy Minister Shane Jones noted that the reserves will be held outside the existing minimum stock ownership requirements for fuel companies, with the government retaining control over their release to the domestic market.

In March, the government approved a strategy to strengthen fuel supply resilience, including requesting commercial proposals from fuel importers.

“We are prioritising securing additional diesel supplies because this is the fuel that drives the economy,” Willis said.