Oil products
Overview
Argus has been bringing price transparency to the oil industry since 1970, providing valued insight into all refined products and biofuels markets globally.
Our range of industry-leading price benchmarks, all informed by the most robust methodologies, provide a true reflection of how the markets operate and are relied upon across the value chain to facilitate global trade.
Our experts are embedded in local markets across the world and are in constant contact with market participants for the latest spot market intelligence. Their insights underpin our price assessments and market analysis, enabling our clients to make the most effective decisions for their business.
Oil products market coverage
Argus is the leading independent provider of market intelligence to the global energy and commodity markets. Our price assessments and market intelligence are available for every kind of refined oil product. Explore the coverage most relevant for your industry.
Latest oil products news
Browse the latest market moving news on the global oil products industry.
Mexico fuel price caps strain supply nationwide
Mexico fuel price caps strain supply nationwide
Mexico City, 29 May (Argus) — Fuel price caps in Mexico are tightening supply conditions, as the government's voluntary scheme is pushing fuel retailers away from private marketers and toward the increasingly constrained supply of state-owned Pemex, market sources say. Mexico's fuel price cap, introduced in March 2025 to hold regular gasoline below Ps24/liter ($4.45/USG) and extended to diesel in early April 2026, hinges on coordination between the government, Pemex and retailers. Yet the policy is distorting competition between Pemex and private-sector fuel importers. To enforce the cap, Pemex has applied wholesale terminal pricing measures, including temporary nationwide rates that erased volume-based differences. While these steps have constrained pump prices despite rising global costs, private importers remain more exposed to international volatility. Private fuel importers struggle to match Pemex's artificially lower prices. But fuel retailers face mounting pressure to keep their gasoline and diesel prices below the caps. Consumer watchdog Profeco already visited fuel stations across the country and placed banners warning consumers not to buy fuel there if prices are deemed too high. Profeco is now conducting these visits together with environmental regulator Asea and the national guard, leading some fuel station operators to worry they could face closer scrutiny if their prices do not align with the cap, multiple retailers told Argus . This pressure has caused more fuel retailers to source cheaper Pemex products wherever possible, as many already have set supply contracts. Becausethis dynamic is [reshaping competition](http://direct.argusmedia.com/newsandanalysis/article/2827947) in the fuel market, Pemex increasingly struggles to organize supply for fuel retailers, market sources said. Pemex has said it has sufficient supply of gasoline and diesel available and urged calm. At times, the company has sent out communications telling retailers supply would be available at other terminals. This causes fuel retailers to face longer fuel delivery windows and elevated logistics costs, but the real problem is that Pemex's supply delays are persistent in some parts of the country, including the north and parts of central and western Mexico. While Pemex does eventually supply every fuel station, the delays have created rolling shortages for companies operating networks across multiple regions. This makes it difficult to keep selling fuel consistently without having to close a station occasionally, one retailer told Argus . Energy ministry data also point to lower inventories at Pemex and private storage terminals, with gasoline stocks slipping below 2025 levels and diesel falling even further. Supplies are particularly tight in central Mexico, reflecting how the price cap is coinciding with weaker fuel availability. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Jones Act waiver squeezes US flag shipping market
Jones Act waiver squeezes US flag shipping market
New York, 29 May (Argus) — The US decision to waive domestic shipping requirements under the Jones Act until at least mid-August is prompting shippers to favor foreign-flagged vessels for US-to-US trips, even when Jones Act compliant vessels are available, according to shipping data reviewed by Argus . The waiver was first issued on 17 March to help offset rising oil and refined products prices caused by the US-Israel war with Iran by easing movements between US ports. It was later extended by 90 days to 15 August by President Donald Trump. US independent refiners have made use of the waiver extensively , chartering more than 60 foreign-flagged vessels over the past two months for trips normally handled by one of the 92 ocean-going vessels, more than 150 sea-going articulated tug barges and thousands of smaller barges in the Jones Act-compliant fleet. This is the first Jones Act waiver issued at the request of the Department of Defense (DoD) since the statute was amended in 2021 to require a finding that "there are insufficient qualified vessels to meet the needs of national defense without such a [DoD] waiver". But the official justification for this latest waiver has yet to be published, according to maritime law firm Reed Smith, even though most voyages carried out by foreign-flagged vessels likely had Jones Act-compliant tonnage nearby. Out of 59 trips completed under the waiver as of 22 May, only 10 took place where no Jones Act vessels were available, according to data compiled by the American Maritime Partnership (AMP), which represent the US domestic maritime industry, using broker data. For the other 49 trips at least one Jones Act vessel was available, according to AMP data. By contrast, US Maritime Administration (MARAD) data show shippers seeking foreign tonnage under the waiver citing a lack of Jones Act vessels available for these trips — a claim seemingly at odds with the AMP data. MARAD did not respond to a request for comment. Some market participants told Argus that securing a Jones Act waiver can be surprisingly fast, with MARAD approval sometimes coming only 15 minutes after submitting the request. The quick turnaround suggests the administration's priority is to maintain steady US crude and refined products flow to help mitigate disruptions to oil markets caused by the Iran war , rather than ensuring US-flagged vessels are used first. "This is the first time that the government has ever instituted a blanket waiver for all kinds of energy-related products, all ports and MARAD does not even have to call anybody and see if there's an equivalent Jones Act vessel available," Jones Act shipowner Centreline Logistics co-chief executive Jonathan Whitworth told Argus . The Jones Act community initially showed little concern about the first waiver, in part because international freight rates for refined product tankers were already at a premium over comparable Jones Act vessel rates. That rare market configuration limited potential savings for shippers using the waiver and limited its use. But international freight rates for product tankers have since eased, which has increased use of the waiver. The extension of the waiver through mid-August — and the possibility of a further extension — has sparked concern among Jones Act shipowners. One Jones Act operator told Argus it has lost two contracts so far due to the waiver. Jones Act shipments are typically handled on multi-year contracts, but established Jones Act participants may now dealy committing to new long-term deals to capture lower rates in the international spot market instead. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Energy security fears drive diversification spend: IEA
Energy security fears drive diversification spend: IEA
London, 28 May (Argus) — The war in the Middle East, the subsequent de facto closure of the strait of Hormuz, and resulting concerns over energy security are prompting countries and companies to invest in energy diversification and electricity, energy watchdog the IEA said today. The IEA projects that global energy investment will reach $3.4 trillion in 2026, a slight lift on the year . Of this, around $2.2 trillion is set to go to power grids, storage, "low-emissions fuels", nuclear, renewables, energy efficiency and electrification, while around $1.2 trillion is expected to be invested in fossil fuels. "We are in the midst of the largest energy security crisis the world has ever faced", IEA executive director Fatih Birol said. The war is "expected to reinforce a strong prioritisation of energy security amongst decision-makers", as well as a "renewed focus on resilience and diversification", the IEA said. "Electricity-related investment remains the dominant theme in global energy spending trends", the IEA said. Investment in electricity supply and infrastructure is set to reach nearly $1.6 trillion in 2026, and increase to $2 trillion if end-use electrification is included, the report found. "Electricity is going to make even stronger inroads in the total energy mix as a response to this crisis", Birol said. The watchdog expects renewables spending to reach around $665bn in 2026, with $365bn going just to solar power, $200bn to wind and $75bn to hydropower. The annual growth in renewables spending "has moderated", in part because of declining technology costs, but also policy changes in China and the US. But "low-emissions sources" still make up more than 70pc of global power investment, the IEA said. Investment in fossil fuel supply in 2026 is set to hit just over $1 trillion, returning it "to the 2024 level", the IEA said. Oil investment is expected to drop for a third consecutive year in 2026 to below $500bn. "Uncertainty over the duration of the price spike, long project lead times, supply chain constraints and tighter offshore rig markets are limiting near-term spending responses outside the Middle East" for oil, the IEA said. But investment in natural gas is projected to grow to $330bn, the highest in a decade, driven by new LNG export projects and demand from data centres, the report found. Coal investment is also set to rise, to the highest level since 2012, at $180bn, the IEA said. The bulk of spending, at around 70pc, is in China. Some countries in Asia "may seek to keep existing coal-fired power plants operating for longer to bolster energy security", the IEA said. But it is "too early to say" what the net emission effect of this may be, Birol said today. Investments in renewables, nuclear, energy efficiency and electrification in the past decade "have tangibly improved energy security in major fuel-importing regions and reduced emissions", saving China, the EU, Japan, South Korea, southeast Asia and India around $260bn from avoided fossil fuel imports in 2025, the IEA said. The conflict "has already sparked a search for new energy export routes to reduce excessive reliance on the strait [of Hormuz]", the IEA said. And repair bills for damage to energy infrastructure are "difficult to establish" but are "set to run into tens of billions of dollars", the organisation added. Oil companies are "recalibrating their expectations for upcoming years, on the assumption that oil prices will settle back above the pre-conflict baseline as countries replenish their inventories", the IEA said. "Trust will be an important element in the energy world", in coming months and years, as governments seek reliable energy partners, Birol said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
New Zealand earmarks funding for fuel reserve expansion
New Zealand earmarks funding for fuel reserve expansion
Sydney, 28 May (Argus) — The New Zealand government has allocated NZ$150mn ($88mn) to expand its strategic fuel reserves and set aside a further NZ$450mn as a time-limited contingency for potential additional support, according to its latest budget released today. Part of the NZ$150mn will fund a previously announced deal with Z Energy under which the government will secure 90mn litres (550,000 bl) of gasoil. The purchase is expected to increase the country's gasoil cover by about nine days. Deliveries are scheduled to arrive at Marsden Point in one or two cargoes in late June. Z Energy will procure, own and manage the volumes, while the government will retain control over their release into the domestic market. New Zealand fuel import terminal Channel Infrastructure is preparing to commission a refurbished tank at Marsden Point by early June to accommodate the additional volumes. New Zealand finance minister Nicola Willis said the allocation leaves scope for further reserve expansion if required. "While precise numbers are commercially sensitive, even accounting for this deal, the NZ$150mn fund still has room for future increases in strategic fuel reserves," she said. The budget also indicated that a planned NZ$0.12/litre increase in fuel excise duty, scheduled for January 2027, may be deferred by six months. Unlike Australia, New Zealand has not reduced fuel excise, citing concerns that such a move would subsidise demand. As of 24 May, New Zealand held 25.1 days of gasoil, 35.1 days of gasoline and 32.4 days of jet fuel in domestic storage, according to the latest official data. By Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our oil products services
Whether you’re looking for independent spot price assessments or long-term market analysis, we have the solutions you need for the refined oil and biofuels markets. Explore the range of our services.
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.
