NEW DELHI: Asia’s gasoline crack rose on Wednesday after US and Middle Eastern inventories declined. The refining profit margin for gasoline rose to $30.23 a barrel, up $1.79 from Tuesday. Gasoline margins have gained nearly 14% since the beginning of May due to high summer driving demand amid global shortages.

From May through August, global gasoline demand is expected to seasonally increase by 800,000 barrels per day, the International Energy Agency said its monthly report.

“Tightness in any of the blendstocks may drive the product margin higher,” the Paris-based agency said, adding that the shortage of high-octane components is currently pushing the cracks up.

Stocks of light distillates at Fujairah Oil Industry Zone (FOIZ) dropped 313,000 barrels to a two week low of 7.101 million barrels in the week to June 13, according to industry information service S&P Global Commodity Insights.