Asia’s gasoline margin drops

NEW DELHI: Asia’s gasoline markets fell to the lowest in over four months amid uncertainty around China’s exports, while top importer Indonesia deferred some May deliveries to June, market participants said.

The crack dropped by $1.41 to $7.02 a barrel over Brent crude, the lowest since Dec. 29, Refinitiv Eikon data showed. Indonesian state energy company PT Pertamina has deferred some of its gasoline deliveries for May to June after the high-demand season of Ramadan ended, trade sources said.

The company made a “delivery adjustment” after considering domestic demand, consumption patterns, product inventory levels and energy security, said Murti Dewi Hani, a spokesperson at Pertamina Patra Niaga, the company’s trading unit.