Page 32 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The Singapore gasoil crack spread led in gains and reached the highest level seen since March 2024, even
though middle distillate inventories in Singapore increased in November. A regionally tighter (compared
to other products) gasoil balance stemming from the recent heavy maintenance season contracted further
on the back of heightened export interest from Chinese refiners as they attempted to shift December
deliveries to November aiming to avoid higher value-added tax. The Singapore gasoil crack spread against
Dubai averaged $16.38/b, up $3.59, m-o-m, but down by $3.50, y-o-y.

Table 5: Singapore FOB, refined product prices ($/bbl) in November 2024

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
0.5%
Naphtha 69.92 -4.3% -13.7%
-14.5%
Premium gasoline (unleaded 95) 84.59 -1.5% -16.2%
-16.0%
Regular gasoline (unleaded 92) 78.96 -0.8% -13.7%
0.5%
Jet/Kerosene 89.40 1.7%

Gasoil/Diesel (50 ppm) 89.12 1.6%

Fuel oil (180 cst 2.0% S) 88.94 2.0%

Fuel oil (380 cst 3.5% S) 68.75 0.5%

Source- OPEC

Petroleum products consumption in India

Monthly Review:

• Overall consumption of all petroleum products in November 2024 with a volume of 20.43 MMT
registered growth of 8.13% on volume of 18.89 MMT in November 2023.

• MS (Petrol) consumption during the month of November 2024 with a volume of 3.43 MMT
recorded a growth of 9.56% on volume of 3.13 MMT in November 2023.

• HSD (Diesel) consumption during the month of November 2024 with a volume of 8.17 MMT
recorded growth of 8.46% on volume of 7.53 MMT in the month of November 2023.

• LPG consumption during the month of November 2024 with a volume of 2.67 MMT registered
growth of 7.55% over the volume of 2.49 MMT in the month of November 2023.

• ATF consumption during November 2024 with a volume of 0.748 MMT registered a growth of
8.45% over the volume of 0.690 MMT in November 2023.

• Bitumen consumption during November 2024 with a volume of 0.714 MMT registered growth of
5.13% over volume of 0.679 MMT in the month of November 2023.

• Kerosene consumption registered de-growth of 19.33% during the month of November 2024 as
compared to November 2023.

December 2024 Page | 31