Increases in the two most-consumed fuels are outpacing those for crude oil in some of the world’s most important markets.
Disruptions on the world’s major trade routes, refinery closures and resurgent demand are pushing up global fuel prices and making forecasts difficult in the run-up to a US presidential election in which inflation will be a key issue.
There’s a risk that premium gasoline prices could reach a multi-year high this year, said Mukesh Sahdev, head of oil trading and downstream research at Rystad Energy AS. As a result, the agency on Tuesday raised its second-quarter retail gasoline price forecast by 20 cents a gallon. Nigeria’s massive Dangote refinery has, after years of delays, finally started to export fuel. But questions remain over when it will reach full capacity and the timeline for specific units — which impact the type of petroleum products it makes — coming online. It’s a similar story for Petroleos Mexicanos’s Dos Bocas plant in Mexico.
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