Page 44 - Policy & Economic Report - July 2025

POLICY AND ECONOMIC
ROEILPO&RGTAS MARKET

Figure 21: Singapore crack Spreads vs. Dubai ($/bbl)

Source: Argus and OPEC

The Singapore gasoil crack spread eased further in June as the global bullish sentiment in gasoil

markets continued to diminish. Improvements in gasoil supply projections amid easing market

tightness reduced the geopolitically driven risk premium. The Singapore gasoil crack spread against

Dubai averaged $43.89/b, down $2.11/b, m-o-m, but up $26.56/b, y-o-y.

Table 6: Singapore FOB, refined product prices ($/bbl) in June 2026

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

Naphtha 75.32 -28.5% 17.5%

Premium gasoline (unleaded 95) 109.83 -16.4% 34.0%

Regular gasoline (unleaded 92) 107.70 -17.0% 34.5%

Jet/Kerosene 124.91 -17.7% 47.4%

Gasoil/Diesel (50 ppm) 124.27 -18.6% 43.3%

Fuel oil (180 cst 2.0% S) 115.30 -18.9% 35.5%

Fuel oil (380 cst 3.5% S) 80.28 -23.7% 15.9%

Source: OPEC

Petroleum products consumption in India

Monthly Review:
• Overall consumption of all petroleum products in June 2026 with a volume of 19.42 MMT
registered de-growth of 3.08% on volume of 20.04 MMT in June 2025.

• MS (Petrol) consumption during the month of June 2026 with a volume of 3.78 MMT
recorded a growth of 7.45% on volume of 3.52 MMT in June 2025.

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