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 suspends Valero fuel import permits
Mexico suspends Valero fuel import permits
Mexico City, 11 April (Argus) — Mexico's tax authority SAT on 9 April suspended US refiner Valero's fuel import permits, the company said today. The company did not specify why its import license was suspended. "Valero is addressing each administrative observation noted in the suspension to clarify the issues. Additionally, [authorities] mistakenly stated that the company does not have valid import permits, which is incorrect since the permits are valid through 2038," the company said. When consulted, Valero told Argus it has no further information to share at this time. In Mexico, Valero holds gasoline, diesel and jet fuel import permits valid through 2038. The company is one of only a handful of private-sector companies with such permits. Shell, Marathon and ExxonMobil hold permits to import only gasoline and diesel. Valero is the leading private fuel importer in Mexico. On 9 April, its sales accounted for 10pc of Mexico's gasoline and diesel demand, according to the company. Private-sector companies started importing fuel into Mexico in 2016 after the market opened to more competition, but under former president Andres Manuel Lopez Obrador's administration, the energy ministry (Sener) cancelled dozens of fuel import permits. Valero is cooperating with the Mexican government and has recently joined a voluntary price cap agreement to keep regular gasoline below Ps24/l ($4.45/USG), the company said, adding that it "implements rigorous traceability and security controls throughout its supply chain." The company stores fuel at four private-sector terminals in Mexico, with over 4mn bl of capacity. The company is also expected to start storing fuel at the new 1.1mn bl OTM terminal in Altamira, Tamaulipas, in the near future. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil's diesel market eyes Trump and Petrobras
Brazil's diesel market eyes Trump and Petrobras
Sao Paulo, 10 April (Argus) — Tensions surrounding whiplash changes in trade policies favored by US president Donald Trump have created favorable conditions for foreign diesel imports into Brazil, just days after state-controlled Petrobras cut its refinery gate diesel prices. On 1 April, Petrobras cut wholesale diesel prices by 4.6pc, bringing the average price to R3,550/m³ (226.86¢/USG) from around R3.720/m³ (237.73¢/USG). Foreign diesel prices had been trending lower than Petrobras' prices for more than a month prior to the announcement. The competitiveness of imported diesel led some retailers to delay the withdrawal of fuel contracted with Petrobras, even at the cost of paying penalties. Petrobras' price reduction made the company's diesel more attractive on the domestic market, but the scenario was short-lived. Within about 24 hours, on 2 April, Trump unveiled so-called "reciprocal tariffs" on products imported from practically all US trading partners, triggering a strong global reaction, and setting the stage for a showdown with China. Investors' concern about recessionary risks clobbered prices for a wide range of commodities traded on the world's stock exchanges. Nymex ultra-low sulfur diesel (ULSD) futures fell more than 10pc between 2-8 April, to a near four-year low. The volatility of the international markets has caused a turnaround in diesel prices on the Brazilian market. The heightened uncertainty led some participants to adopt a more cautious stance, waiting for prices to settle before making firmer decisions. "We are planning imports where we need to cover supply needs, without lengthening our position," said one trader. Between 2-8 April, the price indicator for ex-port land terminal diesel traded on the spot market at Santos, Paranagua, Suape and Itaqui ports fell in relation to Petrobras' basis by R140/m³, R230/m³, R102.5/m³ and R160/m³, respectively. The move followed international volatility caused by trade conflicts, as imported diesel responds to nearly 20pc of all the Brazilian domestic supply. The escalation of trade conflicts led to an interruption in talks between importers and suppliers last week, when both sides took the opportunity to assess the impact of developments on the fuel sector. Around 1.6mn m³ of imported diesel is expected to land in Brazil in April, according to data from shipping agencies and energy analytics firm Vortexa. If realized, the volume would represent a 33pc increase over the same period of 2024. To traders, the surging volume of product available on the domestic market and the wide variation in daily prices between different locations could offer good trading opportunities for importers. The Petrobras factor Market participants are also monitoring Petrobras' behavior in this new context. The price cut at the company's refineries and the subsequent reopening of arbitrage for imports has reinforced the perception that further price cuts are on the company's radar. Deeper cuts would be welcomed by Brazil's federal government, which is locked in a fight against creeping inflation. Rising prices are being blamed for the slipping popularity of President Luiz Inacio Lula da Silva. Diesel has a small influence on the extended national consumer price index IPCA portfolio, at around 0.24pc, but the view is that the fossil fuel has a significant indirect impact on the formation of food prices, which account for 21.87pc of the index. Despite favorable arbitrage for imported product in March, part of the market was surprised by Petrobras' latest price cut. There is a perception among traders that the predictability of the company's decisions has diminished. The company's management has indicated that it will not act while uncertainty in global markets persists. By Marcos Mortari Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EIA lowers summer gasoline price forecast
EIA lowers summer gasoline price forecast
Houston, 10 April (Argus) — The US Energy Information Administration (EIA) lowered its gasoline price forecast for the summer driving season because of low crude prices. US retail gasoline prices will average about $3.10/USG from April to September, the lowest inflation-adjusted summer average price since 2020, the agency said in its in its monthly Short-Term Energy Outlook (STEO). The forecast is about 20¢/USG lower than EIA's previous forecast. The agency expects gasoline prices to average near $3.20/USG in the summer of 2026 as a continuing decline in crude prices is offset by refinery closures and lower gasoline inventories. LyondellBasell recently shut all units at its 264,000 b/d Houston, Texas, refinery and Phillips 66 is planning to shut its 139,000 b/d Los Angeles refinery by October. US summer gasoline prices reached a decade high of $4.67/USG in 2022, decreasing in subsequent years, the EIA said. The agency delayed the release of the STEO by two days to consider significant changes in markets after the US announced sweeping import tariffs against major trading partners. Crude prices have dropped sharply since the 2 April tariff announcement, even as US president Donald Trump paused the more punitive tariffs for 90 days on Wednesday. Amid the tariffs, a core group of eight Opec+ crude producers in a surprise move last week sped up plans to gradually unwind some 2.2mn b/d of production cuts, adding downward pressure to crude prices. The NYMEX front-month WTI crude contract was trading near $59/bl at 12:30pm ET on Thursday, down by more than $12/bl since the 2 April tariff announcement. The modeling and analysis for the STEO was completed on 7 April. More recent policy changes are not incorporated, the EIA said. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico, Canada sidestep latest Trump tariffs: Update
Mexico, Canada sidestep latest Trump tariffs: Update
Adds Canada reaction Mexico City, 3 April (Argus) — US president Donald Trump's sweeping tariff measures largely spared Mexico and Canada from additional penalties, as the US-Mexico-Canada free trade agreement (USMCA) will continue to exempt most commerce, including Mexico's energy exports. According to Trump's tariff announcement on Wednesday , all foreign imports into the US will be subject to a minimum 10pc tax starting on 5 April, with levels as high as 34pc for China and 20pc for the EU. Mexico and Canada are the US' closest trading partners and have seen tariffs imposed and then postponed several times this year, but remained mostly exempt from Trump's "reciprocal" tariffs. Energy and "certain minerals that are not available in the US" imported from all other countries also will be exempt from the tariffs. Trump also did not reimpose punitive tariffs on energy and other imports from Canada and Mexico. All products covered by the USMCA, which include energy commodities, are exempt as well. Yet steel and aluminum, cars, trucks and auto parts from Mexico and Canada remain subject to separate tariffs. Steel and aluminum imports are subject to 25pc, in effect since 12 March. The 25pc tariff on all imported cars and trucks will go into effect on Thursday, whereas a 25pc tax on auto parts will go into effect on 3 May. Mexico's president Claudia Sheinbaum this morning emphasized the "good relationship" and "mutual respect" between Mexico and the US, which she said was key to Trump's decision to prioritize the USMCA over potential further tariffs on Mexican imports. "So far, we have managed to reach a relatively more privileged position when it comes to these tariffs," Sheinbaum said. "Many of our industries are now exempt from tariffs. We aim to reach a better position regarding steel, aluminum and auto parts exports, too." The Mexican peso strengthened by 1.5pc against the US dollar in the wake of the tariff announcement, to Ps19.96/$1 by late morning on Thursday from Ps20.25/$1 on Wednesday. Mexico has not placed any tariffs on imports from the US, which may have eliminated the need for the US to reciprocate with tariffs. "In contrast to what will apply to 185 global economies, Mexico remains exempt from reciprocal tariffs," Mexico's economy minister Marcelo Ebrard said. Mexico exported 500,000 b/d of crude to the US last year, making the US by far the most important export market for the nation's commodity. Mexico also imports the majority of its motor fuels and LPG from the US. If US won't lead, Canada will: Carney To the north, Canada's prime minister says the US' latest trade actions will "rupture" the global economy. "The global economy is fundamentally different today than it was yesterday," said prime minister Mark Carney on Thursday while announcing retaliatory tariffs on auto imports from the US. Canada is matching the US with 25pc tariffs on all vehicles imported from the US that are not compliant with the USMCA, referred to as CUSMA in Canada. But unlike the US tariffs, which took effect Thursday, Canada's will not include auto parts. Automaker Stellantis has informed Unifor Local 444 that it is shutting down the Windsor Assembly Plant in Ontario for two weeks starting on 7 April, with the primary driver being Trump's tariffs. The closure will affect 3,600 workers. Trump on 2 April unveiled a chart of dozens of countries the US is targeting with new tariffs, but that lengthy list may also represent opportunity for Canada and Mexico, who have already been dealing with US trade action. "The world is waking up today to a reality that Canada has been living with for months," Canadian Chamber of Commerce president Candace Laing said, a reality which Carney views as an opportunity for his country. "Canada is ready to take a leadership role in building a coalition of like-minded countries who share our values," said Carney. "If the United States no longer wants to lead, Canada will." By Cas Biekmann and Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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