NZ Fuel Crisis Deepens as Govt Scrambles to Secure Supply
New Zealand is grappling with a mounting fuel crisis, characterized by soaring prices and sporadic outages at petrol stations across the country. The situation has been triggered by global supply disruptions following military actions involving the US, Israel, and Iran, which have led to threats against key transport routes like the Strait of Hormuz. Over the weekend, petrol prices reached as high as $4 per litre in some Auckland suburbs, with national averages sitting at $3.30 for unleaded 91, intensifying the cost-of-living pressure on New Zealanders. In response, Finance Minister Nicola Willis has sought to reassure the public, stating that New Zealand currently holds seven weeks' worth of fuel stocks, including strategic reserves. However, she has consistently conceded that maintaining this buffer is entirely dependent on fuel shipments continuing to arrive. Her visit to the Channel Infrastructure's Marsden Point import terminal, the country's largest fuel entry point, underscored the government's focus on supply chain security. Despite these assurances, the AA has warned against panic buying and stockpiling, which has already been reported at Gull, Foodstuffs, and Tasman Fuels stations. The government is actively planning its next steps. Prime Minister Christopher Luxon has signaled that an announcement on potential cost-of-living relief for affected households is imminent, stating the government would not need another week to decide. Simultaneously, the Cabinet has announced measures to open up alternative supply channels by temporarily adjusting fuel specifications, an arrangement that could last up to 12 months. However, the crisis is already having a significant fiscal impact, with analysis suggesting the turmoil has blown a hole in Finance Minister Willis's Budget projections, complicating plans for tax raises and expenditure cuts.
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Several Gull, Foodstuffs, and Tasman Fuels stations ran out of petrol and diesel on Thursday and Friday, as the crisis deepened in the Middle East. Finance Minister Nicola Willis on Friday told Morning Report the price increases were extremely tough and affecting all New Zealanders.
Watch: Seven weeks worth of fuel stocks in NZ - Finance Minister Nicola Willis | RNZ News
The finance minister says New Zealand's fuel stocks remain at seven weeks worth, including stockpiles. But Nicola Willis concedes that keeping that buffer was still "dependent on ships like this continuing to turn up", despite interruptions to key global transport routes caused by the Iran ...
Govt plans for future fuel-shortage scenarios as prices keep climbing, relief announcement soon
The Prime Minister told Newstalk ... as fuel prices soar ever higher amid turmoil from the war in Iran. Supply issues would have “the biggest single impact on jobs and incomes”, he said. Over the weekend, petrol hit $4 a litre in some Auckland suburbs, with an average $3.30 a litre for unleaded 91 and $3.61 a litre for unleaded 98 across the country. Some petrol pumps have run dry, despite reassurances from Finance Minister Nicola Willis that the country ...
Nicola Willis faces fuel-crisis budget reckoning as diesel pain spreads – Fran O’Sullivan - NZ Herald
Nicola Willis must be tempted to declare force majeure and say all bets are off when it comes to raising taxes, cutting expenditure and selling assets. Willis’ Budget projections are already blown out of the water as the impact of the Iran fuels crisis deepens.
Finance Minister Nicola Willis on Sunday afternoon will be visiting Channel Infrastructure's Marsden Point Energy Precinct. The visit comes amid fears of an energy crisis, with the global price of oil skyrocketing in the wake of the US and Israel's attack on Iran. Iran's response has included threatening ships passing through the Strait of Hormuz, a key channel for the transportation of fuel ...
When pressed for a timeline on ... with Newstalk ZB, Luxon suggested the Government would not need another week to decide on potential support, and an announcement could come sooner. As for the National Fuel Plan, Luxon said the country is still "very much in step one, which is keep securing the supply, it's coming through, and obviously thinking through how we can support people with the cost". Previously, both Luxon and Finance Minister Nicola Willis have said ...
Government announces major fuel import step at post-Cabinet press conference - NZ Herald
New Zealand would not, however, ... to fuel specifications could open up further supply channels if necessary. This arrangement could remain in place for up to 12 months if needed. ... Advertise with NZME. Jones, along with Prime Minister Christopher Luxon and Finance Minister Nicola Willis, made the ...
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