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While the fuel market is experiencing extreme volatility, officials say there are no supply chain issues in New Zealand. And in particular, the Pukekohe region is faring well.
Mike Newton, Director of fuel pricing app, Gaspy says the current average price for 91 in Pukekohe is $272.6. Today, March 12, Pak’n Save Pukekohe has 91 priced at $2.46, making it to the app’s top five cheapest service stations.
“This compares favourably to the current average price for the Auckland region which is 283.9. In terms of trends the Auckland region was sitting on 255.3 on Feb 25 a fortnight ago. So, the region has seen an increase of 28.6c in that time, or 11.2 percent,” Newton says.
“The price of crude has certainly gone through a wild ride, briefly equalling the all-time highs we saw in mid-2022 after the Russian invasion of Ukraine – before falling back substantially, after some soothing words from the G7 and Donald Trump.
“It is not unusual for the fuel companies to respond to market increases immediately and this does cut both ways, though the exact rationale is unclear,” he says.
The Ministry of Business, Innovation and Employment (MBIE) says it is closely monitoring the situation after tanker traffic through the Strait of Hormuz, one of the world’s most important oil shipping routes, slowed dramatically.
Since the Trump-brokered Iran war began on February 28, 2026, MBIE says “the number of tankers transiting the Strait of Hormuz has come to a near standstill.”
The Strait of Hormuz is a key chokepoint for global oil trade, facilitating the passage of around 20 percent of global oil supply.
Without the flow of this oil, global supply chains are severely disrupted. With a limited supply and rising demand, prices are likely to increase, putting pressure on consumers and businesses.
As of midnight on Sunday, March 8, industry figures showed fuel stock levels remain broadly unchanged from the previous week.
“These figures include fuel stored in New Zealand as well as shipments already at sea within the country’s Exclusive Economic Zone or on their way,” MBIE says.
Meanwhile, senior Government ministers met on Wednesday night (March 11), to assess New Zealand’s fuel security.
The newly formed Ministerial Economic Security and Supply Chains Group held its first meeting to discuss potential risks to petrol, diesel and jet fuel supplies, as well as wider supply chains.
The group brings together ministers responsible for energy, transport, trade and economic security, along with senior government agency leaders.
Finance and Economic Growth Minister Nicola Willis says the group has been established to ensure agencies are coordinated and prepared if global disruptions begin affecting New Zealand.
“This is a fast-moving situation and New Zealand needs to be prepared for all scenarios,” Willis says.
“Having said that, I want to emphasise that New Zealand remains in a healthy position. We are actively monitoring domestic and international fuel supply conditions and assessing any impacts on New Zealand’s energy security.”
Associate Energy Minister Shane Jones, who is responsible for fuel security, says ministers were also briefed on the International Energy Agency’s decision to release global oil reserves to help stabilise prices.
New Zealand, as a member of the IEA, is required to contribute to the coordinated release.
“New Zealand’s contribution is equivalent to about six days’ fuel supply here,” Jones says.
The contribution could be made by releasing oil through existing contracts known as “oil tickets”.
Jones says fuel companies have reported no significant supply chain issues in New Zealand and that fuel stocks remain strong both onshore and in shipments already heading to the country.
“New Zealanders should be reassured that we are monitoring this very closely,” Jones says.
“If circumstances change, we will swiftly notify the public. There is no need for panic or over-reaction.”
