Page 32 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The Singapore gasoil crack spread trended upwards reflecting stronger gasoil fundamentals on the back
of firm domestic demand, particularly from Indonesia, as the country experienced an extended refinery
shutdown. The Singapore gasoil crack spread against Dubai averaged $12.79/b, up $2.89, m-o-m, but
down $10.88, y-o-y.

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

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
3.2%
Naphtha 73.09 4.0% -13.2%
-15.1%
Premium gasoline (unleaded 95) 85.87 3.6% -22.6%
-25.1%
Regular gasoline (unleaded 92) 79.59 1.6% -22.7%
-4.8%
Jet/Kerosene 87.92 4.1%

Gasoil/Diesel (50 ppm) 87.70 4.2%

Fuel oil (180 cst 2.0% S) 87.20 5.0%

Fuel oil (380 cst 3.5% S) 68.42 5.4%

Source- OPEC

Petroleum products consumption in India

Monthly Review:

• Overall consumption of all petroleum products in October 2024 with a volume of 20.04 MMT
registered growth of 4.03% on volume of 19.26 MMT in October 2023.

• MS (Petrol) consumption during the month of October 2024 with a volume of 3.41 MMT recorded
a growth of 8.65% on volume of 3.14 MMT in October 2023.

• HSD (Diesel) consumption during the month of October 2024 with a volume of 7.64 MMT
recorded growth of 0.07% on volume of 7.63 MMT in the month of October 2023.

• LPG consumption during the month of October 2024 with a volume of 2.73 MMT registered
growth of 9.26% over the volume of 2.50 MMT in the month of October 2023.

• ATF consumption during October 2024 with a volume of 0.757 MMT registered a growth of 9.47%
over the volume of 0.691 MMT in October 2023.

• Bitumen consumption during October 2024 with a volume of 0.693 MMT registered de-growth of
2.51% over volume of 0.711MMT in the month of October 2023.

• Kerosene consumption registered de-growth of 3.28% during the month of October 2024 as
compared to October 2023.

November 2024 Page | 31