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.
European refinery economics shift back to road fuels
European refinery economics shift back to road fuels
London, 9 July (Argus) — European refinery economics are shifting back towards road fuels as diesel and gasoline markets tighten and concerns over jet fuel supply ease. Market participants expect the shift to encourage refiners to dial back some of the jet fuel production increases made earlier in the US-Iran war in favour of diesel and gasoline. European refiners boosted jet fuel production in March-June as concerns over supply pushed jet fuel margins above $100/bl. But tightening road fuel markets and softer jet fuel fundamentals are beginning to reverse that trend. European diesel and gasoline values have strengthened in recent weeks. Diesel cracks are around $70/bl , their highest in three months, while gasoline cracks are at four-year highs of around $40/bl. In contrast, jet cracks have fallen to around $60/bl. Russia, the world's second-largest diesel exporter, announced a ban on diesel exports on 8 July , raising the prospect of tighter global supply. Europe will now face greater competition for remaining diesel cargoes, as Turkey and buyers in north Africa seek to replace Russian supplies. The US could help fill some of Europe's diesel shortfall, although Europe will face competition from Brazil for US cargoes. Diesel has priced above jet fuel for the past three weeks, after moving above jet for the first time this year . Argus Consulting expects the spread to remain in diesel's favour over the coming months. Meanwhile, gasoline demand has picked up in Europe in recent weeks, especially in the Mediterranean and Germany, traders said. Export demand from Europe's secondary markets has also firmed, and shipments to Brazil, Canada, Egypt, Libya and Syria are expected to rise sharply in July. Market participants said demand is outstripping availability. Refiners have increased blending activity in recent weeks, drawing down blending component stocks. Naphtha prices have rallied, supported by demand from gasoline blenders and petrochemical buyers, lifting naphtha cracks to a 10-year high. Jet fuel prices remain supported by strength across the wider middle distillate complex, but jet fundamentals look softer. Europe has coped with the loss of Middle Eastern flows and supply concerns have eased. European jet fuel imports hit an eight-month high in June , supported by record US and Nigerian deliveries. More jet fuel from east of Suez is due to arrive in Europe this month, while Chinese jet fuel exports are set to increase , supporting global balances. Spain's Repsol has already begun prioritising diesel and gasoline production after previously boosting jet fuel output. Refiners can typically shift a portion of output between kerosine and gasoil pools. Refining margins for secondary units have strengthened at the same time. Margins for an average hydrocracker, producing diesel and gasoline at a 70:30 ratio, rose to a $30.46/bl premium to Ice Brent crude earlier this week, Argus calculations show. Margins for a typical fluid catalytic cracker (FCC), producing gasoline and diesel at a 70:30 ratio, rose to a $23.42/bl premium. Both margins were trading at discounts to crude in early June. Heavier naphtha-grade material will probably return to the gasoline blending pool instead of the kerosine pool, according to one market analyst. Some refiners had been taking larger kerosine cuts from petrochemical units , but this has probably also decreased now. A pivot away from jet fuel output could leave the market exposed if supply tightens again. European jet fuel inventories remain heavily depleted and will probably not rebuild until the new year, according to Argus Consulting, leaving little cushion if supply gaps re-emerge. By Amaar Khan and Atishya Nayak Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
West African gasoline imports rise on the year in June
West African gasoline imports rise on the year in June
London, 7 July (Argus) — West African gasoline imports rose on the year in June, as Nigerian marketers appeared to use second-quarter import permits before expiry and Saudi exports to the region surged to record highs. Countries in the region, spanning from Senegal to Angola, imported 313,000 b/d of gasoline in June, according to Kpler, up by 9.4pc on the year and the highest since July 2025. Nigeria was the largest importer, taking around 131,000 b/d last month, more than double May's 57,000 b/d. Independent marketers accounted for at least 39,000 b/d, after permits for around 700,000t of second-quarter gasoline imports expired at the end of June. The expiry appears to have encouraged more buying, after independent marketers recorded no imports in May, according to Kpler. Nigeria's state-owned NNPC imported 50,000 b/d in June, while refiner Dangote brought in 12,000 b/d. West African import growth was also supported by Ivory Coast and Angola. Ivory Coast imported 54,000 b/d last month, the highest in Kpler records stretching back to 2017. State-owned SIR's 75,000 b/d Abidjan refinery was under maintenance last month, according to one Ivorian trader, who said SIR issued a 40,000t gasoline import tender for June. Angola received 27,000 b/d of gasoline in June, up slightly from 24,000 b/d in May. Its import demand has persisted despite the 30,000 b/d first phase of Angola's new Cabinda refinery starting commercial operations in May . Nigeria, Ivory Coast and Angola were the region's top gasoline importers in June. Saudi gasoline arrivals rose from zero in May to 57,000 b/d in June, according to Kpler, as a wider premium for Atlantic basin gasoline over east-of-Suez values made west African outlets more profitable than Saudi Arabia's usual eastbound markets, traders said. Saudi Arabia took 18pc of west Africa's gasoline import market, second only to Belgium, which supplied 83,000 b/d and held a 27pc share. One trader said Atlantic basin gasoline was around a $14/bl premium to east-of-Suez values for August, with the July premium even wider. Around 85pc of Saudi-origin gasoline volumes to west Africa loaded from Yanbu, while the remainder came from Rabigh, according to Kpler. The last recorded Yanbu-to-west Africa gasoline flow was in December 2025. Supply from Saudi Arabia's Red Sea coast was "ample", one market source said, adding that freight, insurance and geopolitical risk had weakened the economics for eastbound shipments. Saudi gasoline exports from the Red Sea typically move to outlets including the UAE and Singapore. Around 77pc of Saudi gasoline deliveries to west Africa were linked to Nigeria, with several cargoes transferred ship-to-ship off Lome before moving onwards. West African gasoline demand is largely driven by Nigeria, one trader said. By George Maher-Bonnett and Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia's gasoil, jet stocks rise, EV sales increase
Australia's gasoil, jet stocks rise, EV sales increase
Sydney, 6 July (Argus) — Australia's gasoline stocks have dipped on the week to 30 July but gasoil and jet fuel levels have increased, as electric vehicle (EV) sales rose for the month of June, according to Australia's federal government. Australia's fuel importers held stocks of 22.2mn bl of gasoil, 11.1mn bl of gasoline and 5.9mn bl of jet fuel of stocks in-country and within Australia's exclusive economic zone on 30 June, Australia's energy minister Chris Bowen said on 4 July, or about 38 days of gasoil supply, 41 days of gasoline and 34 days of jet fuel. This is one more day's supply of gasoil than a week earlier, three days fewer of gasoline and five more days' worth of jet fuel over the same period. EV sales have soared during June, with 23.4pc of purchases battery EVs, according to the Federal Chamber of Automotive Industries (FCAI). This compares FCAI data showing just 8.3pc of new vehicle sales comprising battery EVs last year . China is now the leading source of Australia's total new vehicle sales with 35.5pc of sales, followed by Japan with 20.7pc and Thailand with 17.8pc. Australia's temporary cut to fuel excise and the heavy vehicle road user charge was rolled back by half but extended by a month , effective 1 July. The temporary discount both taxes has been lowered to 16A¢/litre, (11¢/litre) raising the effective excise rate to 36.6A¢/litre until 2 August. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Texas renewable diesel flows up as Calif. demand eases
Texas renewable diesel flows up as Calif. demand eases
Seattle, 24 June (Argus) — Renewable diesel producers along the US Gulf coast are increasingly selling into the Texas ultra-low sulphur diesel (ULSD) market as bulk demand slows across California — the largest R99 market in the country — in tandem with record-high US output of the fuel. Renewable diesel production at US biorefineries in May hit an all-time high of about 6.86mn bl, part of a steady increase since the beginning of the year following the implementation of record-high biofuels blending targets, according to the latest RIN generation data from the Environmental Protection Agency (EPA). Higher run rates through the second quarter, compounded by elevated and volatile diesel prices across the country, made California buyers hesitant to commit to high-volume R99 spot purchases as the market faced fresh supply. But Texas's 20¢/USG diesel excise tax abatement, applicable to renewable diesel, appears to have thrust the state — particularly Houston's fob truck spot market — into the spotlight as an attractive secondary supply outlet. Local market participants have cited R99 on offer from various Gulf coast producers throughout June, with the tax abatement now making renewable volume competitive with conventional ULSD in the region. Offers for R99 fob truck in Houston as recently as Wednesday morning were heard at July Nymex ULSD +9¢/USG, which a number of sources said represented about a 5¢/USG discount versus conventional ULSD once accounting for the excise tax abatement. Spot R99 via the pipeline in California by comparison last traded at double-digit discounts, 35¢/USG and 80¢/USG, respectively, to the corresponding Los Angeles and San Francisco CARB complexes (conventional in-state CARB diesel + attributes). By Jasmine Davis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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