NEW DELHI: Asia’s gasoline refining profit margin rose on Monday after data showed a rise in India’s gasoline sales last month.

The crack climbed to $12.31 per barrel, up $1.17 from its last close.

Gasoline margins surged more than 200% last year on hopes of a recovery in demand, even as Omicron cases surged in the last quarter. Daily gasoline sales in Asia’s key fuel market India rose 3.21% month-on-month to 81,950 tonnes in December as motorists preferred to use personal vehicles to protect against COVID-19, preliminary sales data compiled by the industry showed.

Meanwhile, the naphtha crack in the region slipped as crude oil prices rallied on tight supply and hopes of a recovery in consumption in 2022. The margin fell to $157.18 a tonne from $164.35 on Friday. The prompt inter-month spread narrowed in backwardation to $11.25. OPEC+ is expected to go ahead with a planned 400,000 barrel per day (bpd) oil production increase in February at its next meeting, three sources from the producer group told Reuters on Monday.