Road fuels
Overview
Fuels for road transportation continue to drive the refining industry. But gasoline and diesel use is coming under increasing pressure from the introduction of low-carbon targets around the world.
Global oversupply, new regulatory measures and rapidly increasing competition for export markets are affecting refining margins. The need for accurate insight and data is more critical than ever.
Argus road fuels coverage includes price assessments and key insights into conventional fuels — gasoline, middle distillates and blending components — as well as biofuels, in each key region. Our trusted prices are delivered alongside the latest market-moving news, in-depth analysis, supply and demand dynamics, price forecasts and forward curves data.
Latest road fuels news
Browse the latest market moving news on the global road fuels 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.
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.
Mexico private fuel importer pool expands
Mexico private fuel importer pool expands
Mexico City, 26 May (Argus) — Mexico's fuel import market is gradually broadening beyond a handful of multinational companies, as the government grants or reinstates permits to a growing number of private marketers and retailers. Fuel import permits have remained heavily concentrated since 2021 during the administration of former president Andres Manuel Lopez Obrador, with most imports controlled by state-owned Pemex and a small group of international companies including ExxonMobil, Valero, Shell, Marathon and Koch. But recent permit activity suggests the pool of authorized importers is slowly expanding. Companies including BP, Energas, Combustibles de Oriente, Petrotal, Noil and Jag Energy now hold permits allowing them to import gasoline, diesel or both products, according to energy ministry (Sener) records seen by Argus . The shift does not yet represent a return to the broad market liberalization that followed Mexico's 2014 energy reform, however. Most recently issued permits are limited to shorter durations and smaller volumes than those awarded to major international companies, whose authorizations remain valid through 2038 and support large-scale import programs. Among the most significant developments is the reinstatement of BP's gasoline and diesel import permits, which are valid through 2036. BP is already using the permits to supply its branded retail network of over 300 stations, although it has not yet resumed broader wholesale fuel sales, according to market sources. Meanwhile, Grupo Simsa has strengthened its position with new gasoline and diesel import permits extending through 2045. The company currently imports roughly two medium-range (MR) tankers per month from the US Gulf coast. Combustibles de Oriente has also secured sizable gasoline and diesel import permits through 2036, while commodity trader Glencore temporarily regained gasoline and diesel import permits, although those expired in May, according to Sener's latest records. Smaller regional marketers are also entering the market. Petrotal, the wholesale arm of retailer Total Gas, holds permits allowing it to import gasoline and diesel to support stations near the US border in Chihuahua state. Jag Energy, a marketer with a strong presence in Sonora state, also holds fuel import permits that could support direct cross-border supply into northwest Mexico. The growing number of permit holders could gradually increase sourcing options for retailers and marketers, particularly in northern border regions where access to US fuel supplies can offer alternatives to Pemex and other large wholesale suppliers. By Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
War halves Kuwaiti oil products output, export in March
War halves Kuwaiti oil products output, export in March
Dubai, 22 May (Argus) — Kuwait's refinery output dropped by roughly half and exports by more than half in March, following the start of the US-Iran war on 28 February, which caused damage to Kuwait's oil infrastructure. Joint Organisations Data Initiative (Jodi) updates show that Kuwait's refinery production, excluding LPG, stood at just 627,000 b/d in March, its lowest since at least October 2022. Kuwait normally produces close to 1.1mn b/d, and in February its output reached an all-time high of 1.31mn b/d, according to Jodi data that goes back to 2002. Middle distillates and naphtha output were most affected. Jet fuel production fell by 58pc and gasoil by 45pc compared with average 2025 outputs, while naphtha dropped by 73pc. Fuel oil production was down by 17pc, while gasoline was the only oil product that increased compared with 2025, by 20pc. Kuwait's refining infrastructure was repeatedly hit by Iranian drone attacks in March and April. The 346,000 b/d Mina al Ahmadi refinery was hit on 3 April , after being hit on 19 and 20 March , and on 2 March, while 454,000 b/d Mina Abdullah was also struck on 19 March . Kuwait also operates the 615,000 b/d al-Zour refinery, but no direct hits have been reported there. The exact extent of the refinery damage has not been specified, making it difficult to assess the impact on operations. But at the end of March some units were shut at Mina al Ahmadi and Mina Abdullah was fully offline — it is now set to return online by 30 June — while al-Zour was operating at around 50pc capacity. Plant run rates could have also been lowered in response to the ongoing blockade of the strait of Hormuz, which continues to prevent refineries in the Mideast Gulf from exporting oil products. Kuwait's total oil product exports dropped by 60pc in March, compared with the average in 2025, Jodi data show. Middle distillates again suffered the biggest losses, with an around 78pc drop in jet fuel and 63pc drop in diesel exports. Naphtha exports fell by 59pc and fuel oil by 32pc, with gasoline again the only product marking an increase. The war has also severely disrupted regional and global flight schedules, with most of the countries in the Middle East closing their airspace at the start of the conflict. Kuwait was the last country in the region to announce that its airspace was reopening, on 24 April — nearly two months after shutting it, and is only starting the resumption of full operations at its international airport from 1 June . The flight disruption has sharply curtailed Kuwaiti jet fuel demand, which dropped to just 1,000 b/d in March, compared with an average 19,000 b/d in 2025. By Ieva Paldaviciute Exports 000 b/d Mar-26 2025 ±% Gasoline 17 2 963 Naphtha 67 165 -59 Jet-Kerosine 57 260 -78 Gasoil 106 289 -63 Fuel Oil 87 127 -32 Total exports 334 843 -60 Total product exports excludes LPG Jodi Refinery output 000 b/d Mar-26 2025 ±% Gasoline 78 65 20 Naphtha 53 194 -73 Jet-Kerosine 110 262 -58 Gasoil 180 327 -45 Fuel Oil 206 249 -17 Total output 627 1,096 -43 Total refinery output excludes LPG Jodi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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