NEW DELHI: Asia’s gasoline crack edged lower on Wednesday after Middle Eastern stocks increased, although the downside remained limited on growing Indonesian demand.
The crack eased to $15.05 a barrel from $15.15 in the last session. Gasoline markets have shed over 9% so far this week in anticipation of resurgent supplies from China in the face of dwindling local consumption due to COVID-19-related curbs.
Stocks of light distillates at Fujairah Oil Industry Zone climbed by 1.522 million barrels to 4.932 million barrels in the week to April 11, according to S&P Global Commodity Insights.
Indonesia plans to increase the quota for 90-octane gasoline, known as Pertalite, to 28.5 million kilolitres (kl) from 23.05 million kl to meet strong domestic demand, energy minister Arifin Tasrif told a parliamentary hearing.
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