Page 36 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Atlantic Basin; however, geopolitical trade transit constraints could limit any gains. The margin averaged
$0.42/b in March, down $6.61/b, m-o-m, and down $6.50/b, y-o-y.

Figure 13: Singapore crack Spreads vs. Dubai ($/bbl)

Source - Argus and OPEC

The Singapore gasoil crack spread rose steeply, supported by declining gasoil arrivals amid suppressed
regional refinery output. The bullish sentiment over gasoil markets globally supported gasoil markets in the
region despite Singapore middle distillate stocks showing a significant monthly stock build at the end of
March. The Singapore gasoil crack spread against Dubai averaged $63.64/b, up $43.17/b, m-o-m, and up
$51.09/b, y-o-y.

Table 5: Singapore FOB, refined product prices ($/bbl) in March 2026

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change

Naphtha 116.34 76.1% 67.0%
69.0%
Premium gasoline (unleaded 95) 136.90 77.0% 61.8%
130.1%
Regular gasoline (unleaded 92) 128.67 70.9% 124.4%
124.4%
Jet/Kerosene 196.15 120.3% 52.0%

Gasoil/Diesel (50 ppm) 193.04 115.8%

Fuel oil (180 cst 2.0% S) 190.44 116.0%

Fuel oil (380 cst 3.5% S) 107.75 64.1%

Source - OPEC

April 2026 Page | 35