Page 33 - Policy Economic Report - April 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 19: Refining Margins ($/bbl)

Source- Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai remained volatile as it reversed direction again
in March to show a modest loss. Healthy regional gasoline supplies and subdued domestic demand (as
Asia typically drops to its seasonal low during April and May), weighed on gasoline markets in Southeast
Asia. However, going forward, a potential pick-up in gasoline demand across regions during the upcoming
summer season, as well as a projected rise in Asian refinery maintenance activities, should provide some
support in the near term. The product’s margin averaged $6.92/b in March, down 12?, m-o-m, and $5.96,
y-o-y.
Figure 20: Singapore crack Spreads vs. Dubai ($/bbl)

Source- Argus and OPEC Page | 32

APRIL 2025