NEW DELHI: Asia’s gasoline refining profit margin jumped on Monday after crude oil benchmarks weakened, although gains were limited due to concerns over Chinese and Indian demand.
The crack rose to $9.62 a barrel from $6.72 a barrel on Friday. Gasoline margins have shed nearly 76% in July over dwindling demand in South Asia.
China’s major manufacturing hubs saw a solid rebound in June from widespread COVID lockdowns in spring, but the recovery has started to fade amid fresh virus flare-ups and weakening domestic and global demand, data showed. Meanwhile, India’s gasoline demand dropped by more than 8% in July from last month as monsoon rains restricted mobility, preliminary sales data showed.
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