WELLINGTON, Aug. 24 (Xinhua) -- The New Zealand parliament has passed a bill to ensure that the country has sufficient petrol, diesel and jet fuel during major disruptions and weather events, Energy and Resources Minister Megan Woods said on Thursday.

"Although the risk of such a disruption is very low, it could cost the economy hundreds of millions to billions of dollars," Woods said after the Fuel Industry (Improving Fuel Resilience) Amendment Bill passed its third reading.

Strengthening the national fuel resilience is a critical issue that the government is addressing through the new bill, which puts in place a minimum stockholding obligation for the five fuel importers with the right to draw fuel from bulk storage facilities, Woods said.

A fuel importer's average stockholding level will need to be able to provide 28, 24 and 21 days of cover for petrol, jet fuel and diesel, respectively, according to the new bill.

Given the changing geopolitical environment and uncertainties in international oil and fuel markets, it is "a big step forward" for New Zealand in boosting fuel security, the minister said.

"I'm very conscious of making sure the obligation doesn't translate into higher prices for consumers," she said.

The additional information disclosure requirements on fuel importers are expected to come into effect in July 2024, and the stockholding obligation by 2025, according to the bill. Enditem

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