'No need to panic', fuel supplier says

New Zealanders are being urged not to panic-buy fuel as motorists worry about rising prices.

Petrol stations across the country are seeing a surge of drivers filling up as petrol prices rise.

Petrol (91) has tipped over the $3 a litre mark in some areas because of the conflict in the Middle East.

US President Donald Trump is calling for countries to send ships to secure the Strait of Hormuz, which is effectively closed as Iran launches attacks to halt maritime traffic.

The area is critical because around 20 percent of the world's oil consumption or 20 million barrels a day, usually passes through it.

It's resulted in several petrol stations running dry over the weekend.

Finance Minister Nicola Willis told Morning Report the government was carefully monitoring fuel stock levels.

New Zealand has around 32 days' worth of fuel in the country and 25 days in ships on the way to the country.

"There is no current issue with the availability of fuel," Willis said. "Were that to be the case, we would get very good forewarning because we would be aware of fuel companies reporting to us that orders had been disrupted or cancelled. They have not made any reports of that sort to us at this stage.

If we got that warning, Willis said we would have several weeks to plan for it.

"This is why we have these minimum stock holdings in the country, so we don't get ourselves into a panic situation."

She said the government hasn't needed to review its sanctions on Russian-origin oil.

"This is, obviously, an event that is unfolding; if there are changes in that position, we will review them when they occur."

Waitomo CEO Simon Parham said demand at the company's petrol station has increased by about 15 percent.

"We've had the odd run out from here and there, but it's really been for a maximum of 30 minutes," he told Morning Report.

"What we are seeing is that increase in demand, coupled with a very stressed driver system, anything from a delay at the terminal to a truck breaking down, it's just caused that slight delay in he system, so you have a slight run out.

"There's nothing to worry about."

He expects to see the demand soften.

"We're still in good shape... There's no need to panic. Yes, we are suffering from high prices, which is tough on everyone, but there is no need to panic at the moment."

He said if the cargo orders can't be placed, that's when New Zealand may need to look at managing stock.

"If we are staying around that 50-day mark, that's a rolling 50 days, then we're fine. If we start to see that drop back, then that's when we have to manage stock," Parham said.

Finance Minister considering govt response to rising prices

Willis has shut down suggestions of temporarily cutting the fuel excise tax, as the Labour government previously did in response to the Russia-Ukraine war, saying it was too broad.

She said she was closely looking at the cost of living impacts the rise in fuel prices has on lower-income working New Zealanders.

"When the petrol prices go up this much, that has an effect on the cost of living, particularly for working New Zealanders who use their cars to get to work. We are very conscious of that and are considering whether a government response is warranted," Willis said.

She said if the government were to give support, it would be targeted, temporary and timely.

Willis said she has not taken advice to Cabinet yet on these matters.

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