Fuel information for road freight sector
Transporting New Zealand is continuing to monitor fuel prices and supply, and pass on industry feedback to the Government’s Ministerial Oversight Group.
Latest information:
- The Commerce Commission has published their latest fuel price monitoring analysis (to 18 March) that shows that while retail prices are still rising, retailers do not appear to be increasing prices faster than their costs.
- Transporting New Zealand has written to the Commission this week asking them to ensure that fuel stops are considered as part of their increased scrutiny of fuel pricing. Their current monitoring excludes some truck stops due to them not having an EFTPOS terminal.
- MBIE reports that as at midnight on Sunday 15 March there is 22.7 days of diesel in-country and 24.3 days on water. Following feedback they have increased their reporting. 14 days of diesel cover is expected to arrive between 16-22 March on 10 vessels – this does not include shipments more than 2 weeks away, including cargoes already loaded, currently loading or planned. This data will next be updated on the afternoon of 25 March.
- Transporting New Zealand has commissioned an update to our Grant Thornton Cost Index to reflect the impact of fuel price increases that will be completed next week.
- We encourage all transport companies to carefully review their costs and the current implementation of their fuel adjustment factor (FAF) clauses in contracts, if they have them. That may include how often members update their FAF in accordance with the terms of their contracts. Members may want to consider negotiating for FAF clauses in contracts where appropriate.
Help from Transporting New Zealand
We encourage all transport companies to carefully review their costs, the Transporting New Zealand Cost Model Tool and Grant Thorndon Cost Index are available to Transporting New Zealand members, and our national team of advisors is available for support.
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TNZ Chair Cameron Bagrie takes a close look at fuel disruption and the economic impact of the Middle East conflict in his weekly Sunday 8pm Update: Straight Shooting.
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