petroleum products

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.

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 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.

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.

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 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.