Page 42 - Policy Economic Report- June'26
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POLICY AND ECONOMIC REPORT
           OIL & GAS MARKET

           The Singapore gasoil crack spread eased further as the global bullish sentiment in gasoil markets continued
           to diminish in May. Despite recent regulatory measures that may keep refinery runs somewhat suppressed
           in China and India, firm product supplies in the rest of Asia are providing partial relief from the previous
           regional shortage. The Singapore gasoil crack spread against Dubai averaged $46.00/b, down $27.03/b, m-
           o-m, but up $30.83/b, y-o-y.

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

           Singapore product prices                 Price ($/b)                MoM (%)  YoY (%)
                                                                                change  change
             Naphtha                                105.38                      -13.7%   71.3%
             Premium gasoline (unleaded 95)         131.44                       -1.3%   71.5%
             Regular gasoline (unleaded 92)         129.70                       1.5%    73.1%
             Jet/Kerosene                           151.85                      -24.0%   94.5%
             Gasoil/Diesel (50 ppm)                 152.63                      -20.4%   93.0%
             Fuel oil (180 cst 2.0% S)              142.20                      -19.3%   83.8%
             Fuel oil (380 cst 3.5% S)              105.24                       3.5%    61.2%
           Source: OPEC

           Petroleum products consumption in India

           Monthly Review:

           • Overall consumption of all petroleum products in May 2026 with a volume of 19.93 MMT
               registered de-growth of 6.46% on volume of 21.31 MMT in May 2025.

           • MS (Petrol) consumption during the month of May 2026 with a volume of 3.91 MMT recorded a
               growth of 3.38% on volume of 3.78 MMT in May 2025.

           • HSD (Diesel) consumption during the month of May 2026 with a volume of 8.73 MMT recorded
               growth of 1.58% on volume of 8.59 MMT in the month of May 2025.

           • LPG consumption during the month of May 2026 with a volume of 2.13 MMT registered de-
               growth of 20.48% over the volume of 2.68 MMT in the month of May 2025.

           • ATF consumption during May 2026 with a volume of 0.783 MMT registered a growth of 0.92%
               over the volume of 0.776 MMT in May 2025.

           • Bitumen consumption during May 2026 with a volume of 0.519 MMT registered de-growth of
               39.44% over volume of 0.857 MMT in the month of May 2025.

           • Kerosene consumption registered de-growth of 17.81% during the month of May 2026 as
               compared to May 2025.

June 2026                                                                               Page | 41
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