Page 47 - Policy Economic Report -August 2026
P. 47
POLICY AND ECONOMIC
OIL & GAS MARKET
The Singapore gasoil crack spread rose sharply, tracking closely with jet/kerosene, supported by Russia's
diesel export ban and reduced Chinese product exports, which tightened global middle distillate
fundamentals and pushed Western distillate prices higher. Strong arbitrage opportunities towards the
Atlantic Basin also supported regional prices. The Singapore gasoil crack spread against Dubai averaged
$63.99/b, up $20.10/b, m-o-m, and up $45.09/b, y-o-y.
Table 6: Singapore FOB, refined product prices ($/bbl) in July 2026
Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
40.6%
Naphtha 88.41 17.4% 38.1%
37.1%
Premium gasoline (unleaded 95) 109.95 0.1% 60.1%
56.8%
Regular gasoline (unleaded 92) 106.82 -0.8% 50.1%
22.7%
Jet/Kerosene 139.52 11.7%
Gasoil/Diesel (50 ppm) 141.91 14.2%
Fuel oil (180 cst 2.0% S) 132.62 15.0%
Fuel oil (380 cst 3.5% S) 77.13 -3.9%
Source: OPEC
Petroleum products consumption in India
Monthly Review:
• Overall consumption of all petroleum products in July 2026 with a volume of 19.92 MMT
registered growth of 2.91% on volume of 19.35 MMT in July 2025.
• MS (Petrol) consumption during the month of July 2026 with a volume of 3.82 MMT recorded a
growth of 9.21% on volume of 3.49 MMT in July 2025.
• HSD (Diesel) consumption during the month of July 2026 with a volume of 8.09 MMT recorded
growth of 10.02% on volume of 7.36 MMT in the month of July 2025.
• LPG consumption during the month of July 2026 with a volume of 2.35 MMT registered de-growth
of 16.39% over the volume of 2.81 MMT in the month of July 2025.
• ATF consumption during July 2026 with a volume of 0.705 MMT registered de-growth of 0.60%
over the volume of 0.710 MMT in July 2025.
• Bitumen consumption during July 2026 with a volume of 0.462 MMT registered a growth of 8.50%
over volume of 0.426 MMT in the month of July 2025.
• Kerosene consumption registered a growth of 20.33% during the month of July 2026 as compared
to July 2025.
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