Finance Minister Nicola Willis says New Zealand currently holds around seven weeks’ worth of fuel, including reserves, but cautions the buffer depends on continued international deliveries amid disruption linked to conflict affecting routes like the Strait of Hormuz.
Speaking at Marsden Point, she acknowledged rising fuel costs were already impacting households and stressed the government’s priority was maintaining consistent supply.
Willis said contingency planning with fuel companies is underway, including potential prioritisation measures to ensure essential workers and families retain access if shortages emerge.
She ruled out blanket fuel price cuts, arguing “targeted support” would be more effective, particularly as many New Zealanders already rely on public transport or carpooling.
While noting New Zealand’s reserve requirements exceed Australia’s, she emphasised the government remains “vigilant and alert,” balancing any response against inflation pressures and limited fiscal flexibility as global oil prices surge.
