Page 36 - Policy Economic Report - Jan 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Table 4: Singapore FOB, refined product prices ($/bbl) in December 2025

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
-15.3%
Naphtha 58.84 -5.3% -9.0%
-6.9%
Premium gasoline (unleaded 95) 77.25 -5.1% -3.9%
Regular gasoline (unleaded 92) 75.68 -3.8% -7.3%
Jet/Kerosene 84.36 -9.6% -7.5%
Gasoil/Diesel (50 ppm) 82.25 -11.2% -23.1%
Fuel oil (180 cst 2.0% S) 81.72 -9.9%

Fuel oil (380 cst 3.5% S) 52.23 -4.8%

Source - OPEC

Petroleum products consumption in India

Monthly Review:

• Overall consumption of all petroleum products in December 2025 with a volume of 21.75 MMT
registered a growth of 5.30% on volume of 20.65 MMT in December 2024.

• MS (Petrol) consumption during the month of December 2025 with a volume of 3.55 MMT
recorded a growth of 7.08% on volume of 3.32 MMT in December 2024.

• HSD (Diesel) consumption during the month of December 2025 with a volume of 8.46 MMT
recorded growth of 5.01% on volume of 8.05 MMT in the month of December 2024.

• LPG consumption during the month of December 2025 with a volume of 3.08 MMT registered a
growth of 11.23% over the volume of 2.77 MMT in the month of December 2024.

• ATF consumption during December 2025 with a volume of 0.785 MMT registered a growth of
0.35% over the volume of 0.782 MMT in December 2024.

• Bitumen consumption during December 2025 with a volume of 0.916 MMT registered growth of
18.83% over volume of 0.771 MMT in the month of December 2024.

• Kerosene consumption registered growth of 18.74% during the month of December 2025 as
compared to December 2024.

January 2026 Page | 35