Page 40 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The Singapore gasoil crack spread eased and was the sole negative performer in the Southeast Asian
product market in February. Slightly higher gasoil exports from China during the month, exacerbating
the bearish market sentiment associated with limited demand. Going forward, projections of higher
refinery run cuts in the Atlantic basin, and announcements of an extension of diesel tax cuts in South
Korea, will most likely drive gasoil crack spreads higher in the near term. The Singapore gasoil crack
spread against Dubai averaged $12.92/b, down by $1.34, m-o-m, and $11.13, y-o-y.

Table 5: Singapore FOB, refined product prices ($/bbl) in February 2025

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
0.0%
Naphtha 72.47 -0.9% -13.8%
-11.3%
Premium gasoline (unleaded 95) 86.27 -0.5% -11.3%
-13.9%
Regular gasoline (unleaded 92) 84.81 0.5% -13.0%
13.8%
Jet/Kerosene 91.64 -2.0%

Gasoil/Diesel (50 ppm) 91.34 -4.1%

Fuel oil (180 cst 2.0% S) 90.43 -4.4%

Fuel oil (380 cst 3.5% S) 74.99 1.9%

Source- OPEC

Petroleum products consumption in India

Monthly Review:

? Overall consumption of all petroleum products in February 2025 with a volume of 19.09 MMT
registered de-growth of 3.20% on volume of 19.72 MMT in February 2024.

? MS (Petrol) consumption during the month of February 2025 with a volume of 3.13 MMT
recorded a growth of 3.54% on volume of 3.02 MMT in February 2024.

? HSD (Diesel) consumption during the month of February 2025 with a volume of 7.34 MMT
recorded de-growth of 1.25% on volume of 7.44 MMT in the month of February 2024.

? LPG consumption during the month of February 2025 with a volume of 2.57 MMT registered de-
growth of 0.80% over the volume of 2.59 MMT in the month of February 2024.

? ATF consumption during February 2025 with a volume of 0.735 MMT registered a growth of
4.37% over the volume of 0.704 MMT in February 2024.

? Bitumen consumption during February 2025 with a volume of 0.835 MMT registered de-growth
of 7.92% over volume of 0.907 MMT in the month of February 2024.

? Kerosene consumption registered de-growth of 11.95% during the month of February 2025 as
compared to February 2024.

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