NEW DELHI: Asia’s cash premiums for gasoil posted gains of nearly 75% this month on the back of robust industrial demand and tight regional supplies.

Cash premiums for gasoil with 10 ppm sulphur content were down 2 cents at $1.50 a barrel to Singapore quotes, against $1.52 in the previous session.

Singapore markets closed early ahead of a public holiday on Tuesday.

“The 70,000 barrel-per-day month-on-month uptick in domestic diesel demand by far exceeded the monthly supply gains, thereby inducing local stockdraws, curtailing the volumes of diesel available for export further,” according to consultancy JBC Energy. No jet fuel trades, no gasoil deals.

European gas demand is expected to decline this year as continued high prices make coal more competitive for power generation, while Asian demand growth could slow, the International Energy Agency (IEA) said.