Page 34 - Policy Economic Report - March 2026
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POLICY AND ECONOMIC REPORT
            OIL & GAS MARKET

            The Singapore gasoil crack spread widened, supported by declining gasoil arrivals from the Middle East
            and India. However, in the near term, gasoil markets in Asia could come under pressure as expectations of
            higher exports from China in the coming month could expand gasoil balances in the region. The Singapore
            gasoil crack spread against Dubai averaged $20.47/b, up $0.22/b, m-o-m, and up $7.55/b, y-o-y.

            Table 5: Singapore FOB, refined product prices ($/bbl) in February 2026

            Singapore product prices                 Price ($/b)  MoM (%)                   YoY (%)
                                                                   change                   change
                                                                                             -8.8%
            Naphtha                                  66.07                           10.9%  -10.4%
            Premium gasoline (unleaded 95)           77.34                           6.0%   -11.2%
                                                                                             -2.8%
            Regular gasoline (unleaded 92)           75.29                           5.4%    -2.1%
            Jet/Kerosene                             89.03                           6.8%    -2.5%
            Gasoil/Diesel (50 ppm)                   89.46                           8.6%   -12.5%
            Fuel oil (180 cst 2.0% S)                88.16                           7.5%
            Fuel oil (380 cst 3.5% S)                65.65                           16.6%

            Source - OPEC

            Petroleum products consumption in India

            Monthly Review:

            ? Overall consumption of all petroleum products in February 2026 with a volume of 20.24 MMT
                registered a growth of 5.76% on volume of 19.14 MMT in February 2025.

            ? MS (Petrol) consumption during the month of February 2026 with a volume of 3.37 MMT
                recorded a growth of 6.14% on volume of 3.17 MMT in February 2025.

            ? HSD (Diesel) consumption during the month of February 2026 with a volume of 7.66 MMT
                recorded growth of 4.33% on volume of 7.34 MMT in the month of February 2025.

            ? LPG consumption during the month of February 2026 with a volume of 2.82 MMT registered a
                growth of 9.68% over the volume of 2.57 MMT in the month of February 2025.

            ? ATF consumption during February 2026 with a volume of 0.764 MMT registered a growth of
                4.01% over the volume of 0.735 MMT in February 2025.

            ? Bitumen consumption during February 2026 with a volume of 0.922 MMT registered growth of
                10.74% over volume of 0.833 MMT in the month of February 2025.

            ? Kerosene consumption registered growth of 19.21% during the month of February 2026 as
                compared to February 2025.

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