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While New Zealand is a minor producer of oil, approximately ** percent of the total energy supply in the country was sourced from oil in 2019. In the same period, around **** percent was supplied from hydropower. Although oil has the dominant share of energy supply, New Zealand still has one of the highest proportions of its total energy supply coming from renewable sources in the OECD.

What is fueling the nation?

New Zealand extracts its oil from fields in the Taranaki region. Locally produced oil is generally of a high quality, and therefore is mostly exported with a high value on the international market. As a result, New Zealand is a net importer of oil, with the biggest source being crude oil imported from the Middle East. Russia and Asia also contributed to the nation’s oil supply.

The cost of fuel

Gasoline, or petrol, is used in two main forms: regular and premium. The average price of gasoline has fluctuated over the years, hovering at around two New Zealand dollars per kiloliter. Another commonly used crude oil product is diesel. The per liter price for diesel was lower than for gasoline, however diesel vehicle owners must pay additional Road User Charges. For all fuels, consumers must pay an Emissions Trading Scheme levy. The New Zealand Emissions Trading Scheme is used by the Government to contribute to meeting both international and domestic climate targets.