NEW DELHI: Asia’s gasoline refining profit margin weakened on Tuesday over fears of a possible global recession even as oil prices fell, although a series of deals at the Singapore window cushioned the fall. The gasoline crack slipped $4.79 to $26.19 a barrel, while the naphtha crack plunged by $11.32 to $1.88 a tonne.

South Korea’s inflation last month hit the highest since the Asian financial crisis more than two decades ago, while euro zone’s business growth slowed further.

In physical markets, energy trader ENOC snapped up six cargoes of the higher 95-octane grade gasoline for a third consecutive day. A total of 350,000 barrels of motor fuel was traded at the window.

Meanwhile, Saudi Arabia, the world’s top oil exporter, raised August crude oil prices for Asian buyers to near record levels amid tight supply and robust demand.

India has expanded the excise duty exemption for bio-fuels to encourage the blending of higher proportions of ethanol and components of vegetable oil with gasoline and diesel, a government order said.