Fuel Export News Today

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According to the agency, Suez Canal transits by commercial cargo vessels in January has been 30 per cent lower from November levels, with liquefied natural gas (LNG) flows down a whopping 73 per cent, liquefied petroleum gas (LPG) flows down 65 per cent, dry bulk down 27 per cent, and tankers—used for liquids like crude and fuels—falling 23 per cent.

Fuel Shipments: The measure aims to resolve shortages in recent days that led to long lines at service stations in the country to fill up with petrol as well as concerns among farmers of a scarcity of diesel, key for the upcoming planting season.

Crude Oil Prices Fall: On Friday, Brent futures were down 47 cents, or 0.56%, at USD 83.60 at 1411 GMT, while U.S. West Texas Intermediate crude futures were down 55 cents, or 0.67%, at USD 81.76.

Brent and WTI futures were on course for almost 12% and 10% week-on-week declines, respectively, on Friday, as concerns that higher for longer interest rates will slow global growth and hammer fuel demand offset announcements by Saudi Arabia and Russia confirming voluntary supply cuts to the end of the year.

"We see a positive effect from this measure. Firstly, exchange prices fell sharply by 16% to 20% for diesel fuel and motor gasoline. This, in turn, is already filtering through to consumers at the small wholesale level, including agricultural producers," Novak said.

Indias export of fuel products to the EU has surged despite Russias invasion of Ukraine, with a rise from 1.1 million barrels in January 2022 to 7.4 million barrels in April. The rise in export coincides with Indias increased import of Russian oil.

India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said

The tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd.

President Kenyatta says the government is paying Sh29 per litre of petrol in subsidy to keep the prices low.