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.
Pakistan hikes retail gasoline, diesel prices
Pakistan hikes retail gasoline, diesel prices
Dubai, 7 March (Argus) — Pakistan has raised retail gasoline and diesel prices by Rs55/l, or about 20pc, citing higher global oil prices linked to the war in the Middle East and concerns over potential supply disruptions. The government is increasing gasoline prices to Rs321.17 ($1.16) per litre from Rs266.17/litre, and diesel prices to Rs335.86/litre from Rs280.86/litre, petroleum minister Pervaiz Malik said at a press conference late Friday in Islamabad, according to state news agency APP. The new prices took effect from midnight on Friday local time. "We will now review these prices on a weekly basis," Malik said, adding that the government would reduce prices once global market conditions improve. "There is no doubt we are facing extraordinary circumstances," the minister said, noting that diesel demand is expected to rise during the upcoming crop season and that the fuel is also widely used by public transport serving low-income communities. Global oil prices have surged in the wake of US and Israeli air strikes against Iran and Tehran's subsequent retaliation against US military bases and wider energy infrastructure and shipping in the Middle East over the past week, all of which is causing disruption to oil and gas supply. Qatar's energy minister warned crude prices could reach $150/bl in the next 2-3 weeks. To mitigate potential supply disruptions along key shipping routes, Pakistan has also begun efforts to secure crude from alternative sources. Two vessels operated by state-owned PNSC are currently heading towards the ports of Yanbu in Saudi Arabia and Fujairah in the UAE to support Pakistan's energy needs, the minister said, adding that Saudi Aramco had assured Pakistan that if a larger tanker was arranged it could be loaded at Yanbu and sent towards Pakistan. Pakistan sources at least 60pc of its gasoline requirements from the Mideast Gulf, with the UAE supplying the majority. State-owned refiner PSO typically buys 92R gasoline cargoes from regional refiners including Oman's state-owned OQ, Dubai-based ENOC and PetroChina Dubai. But clean tanker freight rates in the Mideast Gulf have surged since the war began. Cross-Mideast Gulf MR rates had risen to about $1mn–$1.025mn as of 4 March, up from $375,000–$400,000 on 27 February. Before the war, the vessel Torm Damini was chartered to ship 35,000t of gasoline from Fujairah to Pakistan for about $400,000, but shipping brokers say rates on the route have since climbed to around $1.2mn–$1.5mn. Stockpiling Market participants said reports of the impending gasoline and diesel price increase had prompted some advance buying in the domestic market. "There was some stockpiling after reports emerged that the government might raise prices earlier than the usual fortnightly schedule," one Pakistan-based gasoline trader said, adding that some dealers and pump owners held back supplies ahead of the increase: "Some dealers and pump owners hoarded fuel to profit from the new prices." By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European jet fuel doubles crude price due to war
European jet fuel doubles crude price due to war
London, 5 March (Argus) — Jet fuel in northwest Europe traded at more than twice the prices of North Sea crude on 5 March, extending its record premium for a third consecutive day, as the war in the Mideast Gulf causes extreme volatility the jet fuel market. Cif northwest European jet fuel held an $87.96/bl premium to the North Sea Dated benchmark crude basket and a $90.97/bl premium to front-month Ice Brent futures on Thursday, Argus assessments show. North Sea Dated and front-month Ice Brent futures were assessed at $87.74/bl and $84.73/bl, respectively. Premiums to crude — also known as refining margins or cracks — hit what was then a record high of over $70/bl on 3 March , before volatility in the market deepened on Wednesday . Price visibility collapsed on Thursday , with market participants unable to agree on levels because of the volatility, they said. Jet fuel cracks in Europe are now more than 200pc higher on the month and over 350pc higher on the year. Even though broader product supply has come under threat because of the war in the Mideast Gulf, jet fuel prices have taken off in a manner like never before, market participants said. For comparison, jet fuel roughly holds a $25/bl premium to diesel at the moment — it was trading at around a $2-4/bl premium to diesel last week, and at a discount this time last year. The Mideast Gulf accounts for more than 50pc of Europe's jet fuel imports, Kpler and Vortexa data show, while Europe has become structurally tighter on jet fuel supply. No jet fuel has passed through the strait of Hormuz, which Iran claims to have shut, since the war broke out on 28 February. At least two tankers that were set to load in the region have since turned away . Refineries are likely maximising jet fuel output because of the situation and wide margins, market participants believe, although this will not be enough to replace Mideast Gulf supply. But they stressed that jet fuel values have completely detached from fundamentals. Although they were reluctant to make short-term forecasts on the jet fuel market given the volatility, they agreed that values will rapidly drop if the conflict de-escalates. By Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Rare ARA-east gasoline booking hints at growing demand
Rare ARA-east gasoline booking hints at growing demand
London, 5 March (Argus) — A rare high-volume gasoline cargo booking from Amsterdam-Antwerp-Rotterdam (ARA) to Singapore, even though it failed today, signals growing demand east of Suez for European oil products as the Iran war disrupts Asia-Pacific gasoline balances. Trading firm Gunvor's chartering arm Clearlake booked a Long Range 2 (LR2) vessel on 4 March to load gasoline at ARA for Singapore delivery, but it was cancelled today, according to sources. The Sti Connaught had been put on subjects — provisionally booked — to load 90,000t of gasoline from the UK Continent or ARA on 9 March for Singapore delivery, according to a fixture seen by Argus . The reason for the failure was not immediately known. But the rare booking could suggest interest east of Suez for European gasoline is increasing as buyers look beyond the Mideast Gulf to secure supply, according to market participants. Europe to Singapore product flows are uncommon, one Singapore-based analyst said. European gasoline deliveries to Singapore stood at just 114,000t between 2022-2025, according to Kpler. In comparison, Mideast Gulf deliveries to Singapore were at 619,000t in the same period, according to Kpler. Prompt Asian gasoline prices surged further during regional trading hours today as concerns mounted over Chinese export availability, tightening supply in an already short market, while additional reports of cargo cancellations from Japan or India also supported values. Traders in Asia-Pacific are starting to look far afield to source product for the region. Highlighting the severity of the supply tightness in Asia-Pacific, ExxonMobil, in an extremely rare move, booked two Medium Range (MR) tankers provisionally from the US Gulf to Australia on 4 March, likely carrying 92 RON spec unleaded gasoline, at $6mn lumpsum each, or $157.89/t. A gasoline cargo of an undisclosed size was also booked for Australia loading in Barcelona, an analyst told Argus today, although it could not be confirmed. Higher freight rates for oil products tankers since the Iran war broke out on 28 March were holding traders back from booking European gasoline or naphtha cargoes for destinations east of Suez at the start of the week . The Japan-bound LR2 rate from the Mideast Gulf surged to the five-year high of WS435 ($98.53/t) on 4 March, a 117.5pc leap from WS200 ($45.30/t) on 27 February. The LR1 rate on the route climbed to WS440 ($99.66/t), a 100pc jump from WS220 ($49.83/t) over the same period. Similarly, the Mideast Gulf to the UK Continent LR2 rate reached a five-year high of lump sum $8.7mn — with the previous high at $8.8mn on 27 April 2020 — and the LR1 rate reached a two-year high of lump sum $6.5mn — with the previous high at $7.4mn on 31 January 2024. But a widening spread between Singapore 92 Ron front-month swaps and physical non-oxy gasoline barges in Europe could make the trade economics more favourable, even though increased oil products movements on that route may lift freight rates further. Singapore 92 Ron front-month swaps were at a $7.52/bl premium to European non-oxy gasoline barges yesterday, a three-year high, according to Argus calculations. By George Maher-Bonnett and Erika Tsirikou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Los Angeles gasoline prices hit 22-month high
Los Angeles gasoline prices hit 22-month high
Houston, 5 March (Argus) — Los Angeles gasoline prices climbed to a 22-month high on Thursday as tight regional inventories and turmoil from the US-Iran war pushed both cash differentials and the Nymex gasoline basis sharply higher. Prompt March Los Angeles regular CARBOB gasoline prices reached $3.08/USG on Thursday morning, the highest outright prices since April 2024. Trades were struck as high as +44¢/USG over the April RBOB Nymex, widening differentials 11.5¢/USG above Wednesday's close. The front-month April Nymex basis rose by 13¢/USG during the Thursday morning session to $2.64/USG, also marking the highest level in more than 22 months. The US-Israeli campaign against Iran has entered its sixth day, as retaliatory strikes on regional energy infrastructure drive widespread fears of prolonged supply disruptions. US gasoline inventories fell last week to a seven-week low as rising net exports outweighed falling demand, according to the most recent US Energy Information Administration (EIA) data released on Wednesday. California stockpiles of CARBOB gasoline — used exclusively in the state — fell to 4.93mn bl last week, according to data released by the California Energy Commission (CEC) on Thursday. This was the third consecutive week of receding gasoline supplies in California, amplifying a supply crunch ahead of the October closure of Phillips 66's Los Angeles refining complex and Valero's late January closure of its 150,000 b/d Benicia, California, facility. By Craig Ross Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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