PRESS RELEASE 03_2026
Vital
Energy Inc. Monitors International Fuel Prices and Supply Conditions
GUAM, 19th March, 8:00am, Vital Energy Inc. (VEI) is closely monitoring international fuel markets amid the escalating conflict in the Middle East and associated disruptions around the Strait of Hormuz, a critical corridor for global oil and LNG shipments. Prolonged disruption in this region could affect fuel supply chains to multiple countries and regions including the Republic of Nauru.
Supply is Secure
VEI wishes to reassure all our valued customers and stakeholders in Nauru that there are currently no issues with the supply of petroleum products to Nauru.
VEI and the government of Nauru will be jointly monitoring to ensure that strategic oil reserves in the Nauru Terminal are maintained to cater for short term disruptions, and that a future pipeline of supply cargoes under contracted fuel supply arrangements with reputable supplier(s) remain on schedule.
We are aware of reports from around the region of escalating oil prices, and oil shortages, and we urge our customers not to engage in panic buying or hoarding. There is sufficient quantity of product to meet your requirements.
Price Increases
Prior to the US- Iran conflict, fuel prices averaged $88/bbl. However, immediately after the attack, the average price of fuel in the first week of March rose to $136/BBL, representing an increase of approximately 55%. As of last week, prices have increased by a further 20% compared to the first week, with the average now at $162/BBL. While prices remain lower than those recorded during the last price spikes experienced during the Russia-Ukraine war, the velocity of this price risk to domestic prices is significantly higher.
The highest global fuel prices recorded so far by product are as follows:
• ULSD – $194.5/bbl
• ULP – $139/bbl
• DPK – $231/bbl
Figure 1 below shows the international prices between February 16th to March 9th, 2026
Due to the velocity of the impact of this risk, domestic fuel prices will be affected in the coming months. There is an observable increase in refined product pricing, with price increases in the market expected to be materially different for diesel, gasoline and Jet A1.
Customers should be aware that Nauru operates under a regulated fuel market framework model and are assured that domestic price movements over coming months will reflect the actual costs of procurement and transportation of products to Nauru. This is defined and governed by the terms and conditions defined in the 2022 Petroleum Supply and Facility Management Agreement.
VEI will continue to closely monitor international developments and work closely with relevant stakeholders to ensure continuity of supply and stability for the Nauru market.
We remain committed to meeting our contractual obligations and ensuring resiliency and security of fuel supply for Nauru.
For more information, please contact the Vital Communications Team or email your inquiries on: info@fsmpc.com.
