New Zealand permits fuel imports meeting Australian standards amid supply shock

New Zealand will temporarily permit fuel meeting Australian standards to be imported for up to 12 months, the government said on Monday, as it seeks to mitigate supply risks linked to the Middle East conflict and soaring prices.

Associate Energy Minister Shane Jones said the alignment of fuel standards would give importers access to more options and reduce the risk of disruptions.

"This is a sensible, time‑limited step that gives importers access to a broader range of fuel shipments, including those already in our region," Jones said in a statement.

But the country would not follow Australia in relaxing its own standards to allow access to higher sulphur fuel, he added.

New Zealand has 49.9 days of petrol, 45.5 days of diesel and 44.7 days of jet fuel in reserve, according to figures from the Ministry of Business, Innovation and Employment.

"There are healthy stocks of petrol, diesel and aviation fuel in the country with more on the way and the market is operating as normal," Prime Minister Christopher Luxon said.

"However ... our government is planning for scenarios where future fuel supplies could be disrupted."

On Tuesday, the government will roll out temporary measures to support the households that are most impacted by the spike in fuel prices, Finance Minister Nicola Willis said.

-Reporting by Christine Chen in Sydney; Editing by Jacqueline Wong and Thomas Derpinghaus/Reuters