ICNZ warns against fuel stockpiling ahead of impending price hike

ICNZ warns against fuel stockpiling ahead of impending price hike | Insurance Business New Zealand

Insurance News

ICNZ warns against fuel stockpiling ahead of impending price hike

Petrol taxes and road user charges are returning to normal levels on the first of July

Insurance News

By
Kenneth Araullo

With petrol tax returning to its normal levels in July, the Insurance Council of New Zealand (ICNZ) has warned Kiwis against stockpiling more petrol than their car needs as it could put their policies at risk.

“Non-compliance with regulations for fuel storage, covering things including volume limits, use of certified containers and meeting inspection and certification requirements, will firstly put you and your whānau at risk and secondly invalidate your insurance,” an ICNZ spokesperson said.

According to a report from Stuff, the upcoming changes to petrol taxes and road user charges (RUCs) are expected to push up prices by about 29c per litre. However, New Zealanders were urged not to buy more petrol than they need, as it could be considered unlawful.

The Environmental Protection Authority (EPA) said that storing more than 50 litres of petrol on one’s property requires a Hazardous Substances and New Organisms Act (HSNO) certificate to ensure that this fuel is being stored properly.

“A compliance certifier will visit you at your property. They will issue the HSNO certificate once they have confirmed your property meets all the legal requirements for storing more (than) 50 litres of petrol,” the EPA said.

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