Page 34 - Policy Economic Report - April 2025
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POLICY AND ECONOMIC REPORT
            OIL & GAS MARKET

            The Singapore gasoil crack spread eased representing the second main source of weakness, following
            jet/kerosene, in the month of March. Despite lower supplies from China to Singapore, the persistently
            narrow East-to-West spread amid healthy inflows from India and the Middle East continued to weigh on
            the products' performance. The Singapore gasoil crack spread against Dubai averaged $12.55/b, down
            37?, m-o-m, and $6.00, y-o-y.

            Table 5: Singapore FOB, refined product prices ($/bbl) in March 2025

            Singapore product prices                 Price ($/b)                  MoM (%)  YoY (%)
                                                                                   change  change
             Naphtha                                 69.66                          -3.9%   -8.9%
             Premium gasoline (unleaded 95)          81.01                          -6.1%  -20.2%
             Regular gasoline (unleaded 92)          79.53                          -6.2%  -18.1%
             Jet/Kerosene                            85.26                          -7.0%  -16.9%
             Gasoil/Diesel (50 ppm)                  86.02                          -5.8%  -16.8%
             Fuel oil (180 cst 2.0% S)               84.86                          -6.2%  -16.3%
             Fuel oil (380 cst 3.5% S)               70.89                          -5.5%   -0.5%
            Source- OPEC

            Petroleum products consumption in India

            Monthly Review:

                • Overall consumption of all petroleum products in March 2025 with a volume of 20.91 MMT
                     registered de-growth of 0.85% on volume of 21.09 MMT in March 2024.

                • MS (Petrol) consumption during the month of March 2025 with a volume of 3.51 MMT recorded
                     a growth of 5.68% on volume of 3.32 MMT in March 2024.

                • HSD (Diesel) consumption during the month of March 2025 with a volume of 8.08 MMT recorded
                     growth of 0.47% on volume of 8.04 MMT in the month of March 2024.

                • LPG consumption during the month of March 2025 with a volume of 2.72 MMT registered a
                     growth of 4.18% over the volume of 2.61 MMT in the month of March 2024.

                • ATF consumption during March 2025 with a volume of 0.801 MMT registered a growth of 5.74%
                     over the volume of 0.758 MMT in March 2024.

                • Bitumen consumption during March 2025 with a volume of 0.986 MMT registered de-growth of
                     0.34% over volume of 0.990 MMT in the month of March 2024.

                • Kerosene consumption registered a growth of 3.74% during the month of March 2025 as
                     compared to March 2024.

APRIL 2025                                                                                 Page | 33
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