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NEW DELHI: Asia’s gasoline crack hit yet a record high on Friday and posted a weekly gain of over 20% after South Korean refiner S-Oil suspended production of several processing units following a blast at its Onsan refinery.

The refining profit margin for gasoline climbed to $37.27 a barrel, up from $31.75 in the last session. Gasoline margins have rallied this week on the back of growing driving season consumption.

The shutdowns at S-Oil units following Thursday night’s blast that killed one person is expected to affect already tight gasoline supplies in Asia.

The refiner exports gasoline mainly to Japan, Malaysia, Australia, Singapore and the Philippines. Indian state refiner MRPL issued a tender for the sale of 25,000 tonnes of 95-octane grade of gasoline for delivery during 17-19 June. The tender closes on May 23. India’s gasoline exports declined to 1.40 million tonnes in April from 1.60 million tonnes in March, government data showed on Friday.

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