Page 32 - Policy Economic Report - October 2025
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 16: Refining Margins ($/bbl)
Source - Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai rose for the second consecutive month in
September. Healthy regional demand, improving export economics and suppressed Chinese gasoline
exports provided support. The margin averaged $9.51/b in September, up 98?, m-o-m, and $4.53, y-o-y.
Figure 17: Singapore crack Spreads vs. Dubai ($/bbl)
Source - Argus and OPEC
The Singapore gasoil crack spread rose, and similarly to what was observed in other regions, gasoil was
the top performer in Southeast Asia, maintaining its position as the top margin driver in September,
closely followed by jet/kerosene. The middle distillate balance contraction in the northern hemisphere
likely contributed to the upside, supporting East-West gasoil deliveries. The Singapore gasoil crack
spread against Dubai averaged $18.23/b, up $2.29, m-o-m, and $8.33, y-o-y.
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