petroleum products
Coverage of petroleum products in the Nexus archive.
- Iranian oil smuggling drops 60pc, claim sources
Iranian oil smuggling into Pakistan has dropped by 60% following attacks on tankers in Balochistan, which caused significant losses for smugglers. The smuggling decline coincides with the US-Israeli war on Iran, which disrupted global oil transit via the Strait of Hormuz and increased crude oil prices. Pakistan avoided fuel rationing despite reduced smuggling, maintaining a 25-day oil reserve.
- US 12.5% tariff unlikely to hurt Nigeria – CPPE
The US 12.5% tariff is unlikely to harm Nigeria because most Nigerian exports to the US are petroleum products, which are exempt from the tariffs. The Council for the Regulation of Engineering in Nigeria (CPPE) stated the direct economic implications for Nigeria would be limited.
- Kenya: Govt Extends 8 Percent VAT On Fuel for Three More Months Amid Middle East Volatility
Kenya's government has extended the reduced 8 percent VAT on petroleum products for three more months to protect consumers from potential fuel price increases amid Middle East volatility.
- For the first time in 36 years Pemex is importing more than it exports
Pemex is importing more petroleum products than it exports for the first time in 36 years, with imports at 507,227 barrels per day versus exports of 431,801 barrels. The company recorded a $1.6 billion monthly spending gap on fuel imports compared to oil sales revenue, and its crude oil exports have declined 35% year-to-date. Production of crude oil hit a decades-low of 1.36 million barrels per day in May, exacerbating financial losses.
- Ukraine Wants EU to Target Countries Selling Gasoline to Russia
Ukraine is proposing a sanctions mechanism with the European Commission to target countries exporting gasoline and petroleum products to Russia. The initiative follows Ukrainian strikes disrupting Russian gasoline production and reported fuel sales restrictions in Russia.
- US suspending sanctions on Iranian oil until 21 August
The US government is suspending sanctions on Iran's production, delivery, and sale of crude oil, petrochemical products, and petroleum products until 21 August 2026. The Treasury Department's waiver also permits US imports of Iranian-origin petrochemical and petroleum products for domestic use.
- 37 vessels to arrive Lagos ports with petroleum products, food, others – NPA
The Nigerian Ports Authority (NPA) announced that 37 vessels will arrive at Lagos ports carrying petroleum products, food, and other goods. Of these, 13 ships are expected to transport containers with various commodities.
- Left parties block NH in Vijayawada over fuel, gas price hikes
Left parties in Vijayawada blocked a national highway to protest fuel and gas price hikes. Protesters accuse the Central and State governments of imposing excessive taxation on petroleum products.