Page 32 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The Singapore gasoil crack spread against Dubai averaged $22.99/b, up $4.76, m-o-m, and $10.20, y-o-y.

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

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
-15.1%
Naphtha 62.03 -4.8% -7.2%
-3.1%
Premium gasoline (unleaded 95) 79.68 -2.2% -0.6%
0.9%
Regular gasoline (unleaded 92) 77.10 -3.0% 0.1%
-14.0%
Jet/Kerosene 87.42 0.4%

Gasoil/Diesel (50 ppm) 88.50 -0.3%

Fuel oil (180 cst 2.0% S) 87.30 0.0%

Fuel oil (380 cst 3.5% S) 58.85 -4.4%

Source - OPEC

Petroleum products consumption in India

Monthly Review:

• Overall consumption of all petroleum products in October 2025 with a volume of 20.17 MMT
registered de-growth of 0.42% on volume of 20.25 MMT in October 2024.

• MS (Petrol) consumption during the month of October 2025 with a volume of 3.67 MMT recorded
a growth of 7.42% on volume of 3.41 MMT in October 2024.

• HSD (Diesel) consumption during the month of October 2025 with a volume of 7.62 MMT
recorded de-growth of 0.34% on volume of 7.65 MMT in the month of October 2024.

• LPG consumption during the month of October 2025 with a volume of 2.87 MMT registered a
growth of 5.61% over the volume of 2.72 MMT in the month of October 2024.

• ATF consumption during October 2025 with a volume of 0.773 MMT registered a growth of 2.08%
over the volume of 0.757 MMT in October 2024.

• Bitumen consumption during October 2025 with a volume of 0.657 MMT registered growth of
2.98% over volume of 0.638 MMT in the month of October 2024.

• Kerosene consumption registered growth of 32.76% during the month of October 2025 as
compared to October 2024.

November 2025 Page | 31