New Zealand’s fuel stocks have slightly improved, with the latest update showing increases across all fuel types since the Government’s last summary.

It comes amid commentary that a major shipping route in Iran could be reopened after reports of successful negotiations for a two-week ceasefire between the United States and Iran. The conflict had essentially led to the closure of the Strait of Hormuz.

Prime Minister Christopher Luxon and Finance Minister Nicola Willis are expected to hold a stand-up this afternoon where they will address the latest figures.

This press conference will be live-streamed at the top of this article.

Fresh figures from the Ministry of Business, Innovation and Employment (MBIE) show New Zealand has 62.6 days’ worth of petrol either in the country or on ships making their way to the country.

These ships are between two days and three weeks away.

There are 51.7 days’ worth of diesel and 53.5 days of jet fuel within New Zealand or on the way.

MBIE described the country’s fuel stocks as sufficient and remaining stable.

In comparison, an update on Monday showed New Zealand had 61.9 days of petrol, 51.5 days of diesel and 50.1 days of jet fuel either in the country or on the way as of April 1.

Today’s update comes after reports that a two-week ceasefire has been brokered between the US and Iran. In a statement on social media, US President Donald Trump said the 10-point peace plan included Iran agreeing to open the Strait of Hormuz.

Trump’s agreement to suspend bombing in the nation for two weeks comes after he said earlier today that a “whole civilisation will die tonight” if Iran did not commit to the proposal.

Domestically, the Government has provided a $50 weekly boost via the In-Work Tax Credit, which is expected to benefit around 143,000 families with children.

Others, such as beneficiaries and superannuitants, didn’t benefit from this change but did receive an automatic, annual increase to the amount they receive on April 1.

The Government also announced a temporary 30% boost to the mileage rates of home and community support workers. These are workers who have to drive to homes to provide care.

Luxon has not committed to broadening financial support. He said although he understood the pressure of rising prices for households, he was not willing to get the “cash bazooka” out, saying it might lead to increased inflation.

Yet, despite expectations that the conflict would increase inflation, the Reserve Bank has today left the Official Cash Rate on hold at 2.25%.

The Reserve Bank (RBNZ) warned that “in the near term, inflation is expected to increase and the economic recovery to weaken”.

“The Middle East conflict has disrupted global supply chains, leading to significantly higher prices for oil and refined petroleum products,” the monetary policy committee said.

Air New Zealand says its jet fuel bill has doubled since the conflict began, with the rising costs leading to some flights being cancelled. Schedule changes in May and June were expected to affect around 4% of flights and 1% of passengers due to travel, the airline said.

Julia Gabel is a Wellington-based political reporter. She joined the Herald in 2020 and has most recently focused on data journalism.