NEW DELHI: Asia’s cash premiums for 10 ppm gasoil gained on Tuesday for a fourth consecutive session, after Taiwan’s Formosa Petrochemical cancelled exports of five February gasoil cargoes following a fire incident at its Mailiao refinery.

Cash premiums for gasoil with 10 ppm sulphur content rose to $1.41 a barrel to Singapore quotes, compared with $1.24 in the previous session.

Formosa Petrochemical Corp has shut its 36,000 barrel-per-day hydrocracker following a fire last week, the company spokesman said. It could take until mid-March for the unit to resume operations following repairs.

No gasoil deal, no jet fuel trades. Japan’s biggest oil refiner, Eneos Holdings, said on Tuesday it will shut down its 81-year-old Wakayama refinery in October 2023 as part of a long-term restructuring to adjust to falling domestic fuel demand and growing global competition.