Page 33 - Policy Economic Report - June 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The Singapore gasoil crack spread declined for the third consecutive month in May to settle at a thirty-
month low. Gasoil production in the region remained strong as Indian refiners practiced high run rates
driven by strong domestic demand and acquisitions of cheaper crude. In addition, China increased its
gasoil exports, m-o-m, while South Korea's gasoil exports stayed robust. Going forward, the start of the
monsoon season is expected to further boost gasoil production and keep key Asian trading hubs well
supplied, although an expected rise in Australian product (including diesel) stockpiling starting the first of
July may somewhat limit the gasoil surplus. The Singapore gasoil crack spread against Dubai averaged
$11.56/b, down $2.82/b, m-o-m, and $1.82/b, y-o-y.

Table 6: Singapore FOB, refined product prices ($/bbl) in May 2024

Singapore product prices Price ($/b) MoM (%) YoY (%)
72.29 change change
Naphtha 95.38 -4.4% 16.1%
Premium gasoline (unleaded 95) 91.10 -10.3% 5.6%
Regular gasoline (unleaded 92) 95.45 -10.7% 6.3%
Jet/Kerosene 96.97 -7.1% 7.7%
Gasoil/Diesel (50 ppm) 94.13 -7.0% 9.3%
Fuel oil (180 cst 2.0% S) 78.02 -7.1% 9.0%
Fuel oil (380 cst 3.5% S) 1.7% 18.2%
Source- OPEC

Petroleum products consumption in India

Monthly Review:

• Overall consumption of all petroleum products in May 2024 with a volume of 20.49 MMT
registered a growth of 2.13% on volume of 20.06 MMT in May 2023.

• MS (Petrol) consumption during the month of May 2024 with a volume of 3.43 MMT recorded a
growth of 2.41% on volume of 3.35 MMT in May 2023.

• HSD (Diesel) consumption during the month of May 2024 with a volume of 8.36 MMT recorded a
growth of 1.79% on volume of 8.22 MMT in the month of May 2023.

• LPG consumption during the month of May 2024 with a volume of 2.39 MMT registered growth
of 1.95% over the volume of 2.34 MMT in the month of May 2023.

• ATF consumption during May 2024 with a volume of 0.743 MMT registered a growth of 10.94%
over the volume of 0.670 MMT in May 2023.

• Bitumen consumption during May 2024 with a volume of 0.816 MMT registered growth of 10.29%
over volume of 0.740 MMT in the month of May 2023.

JUNE 2024 Page | 32