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.
Pemex road fuel inventories down in March
Pemex road fuel inventories down in March
Mexico City, 15 April (Argus) — Mexican state-owned Pemex's road fuel inventories fell by 17pc in March from a year earlier, driven by lower regular and premium gasoline stocks. Pemex's regular gasoline, premium gasoline and diesel inventories at its 81 port and inland terminals decreased to 8mn bl in March, down from 9.6mn bl in March 2024, according to a Pemex transparency response to an Argus request. The company stored on average 5,350 bl of gasoline and 3,800 bl of ultra-low sulphur diesel (ULSD) at its Olmeca terminal in Dos Bocas in March. In the past, the energy ministry published Mexico's total fuel inventories — Pemex and non-Pemex — with a delay of up to two months, but it has not updated the data since late 2023. Pemex increased its gasoline and diesel production in February by 5pc from the same month a year prior, but imports dropped sharply by 30pc year-over-year to roughly 362,000 b/d. Regular gasoline inventories fell by 19pc to 4.1mn bl in March from a year earlier, despite higher domestic output, likely because of lower imports. Diesel stocks dropped by 10pc to 2.8mn bl from the previous year, while premium gasoline inventories sank by 23pc to 1.1mn bl, tracking an increase in premium gasoline demand as well as lower imports. Jet fuel stocks down Meanwhile, jet fuel inventories fell by 12pc to 368,800 bl in March from the prior year, Pemex data requested by Argus show. Pemex's jet fuel production dropped by 21pc to roughly 34,000 b/d in February from the same month a year earlier, while domestic sales decreased by 4pc to about 95,000 b/d in the same period. Jet fuel imports also declined, falling by 4pc to 55,000 b/d in February from the previous year. Pemex's March gasoline and diesel inventories were just over nine days' worth of the company's sales so far in 2025. Its jet fuel inventories were just under four days' worth. Mexico's minimum fuel storage policy — in effect since July 2020 — requires fuel sellers to have at least five days' worth of sales on hand for gasoline and diesel, and three days' worth of sales for jet fuel. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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.
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Related events
Argus North American Biofuels, LCFS & Carbon Markets Summit
Argus North American Biofuels, LCFS & Carbon Markets Summit
Argus Biofuels Europe Conference & Exhibition
Argus Biofuels Europe Conference & Exhibition
