NEW DELHI, Jan 27 (Reuters) - Asia’s gasoline refining profit margin tanked below $6 per barrel on Tuesday amid abundant volumes in the prompt market, traders said.
The crack slumped to $5.19 per barrel over Brent crude from $6.03 a barrel a day earlier.
Adding to the negative sentiment, Indonesia’s Pertamina Patra Niaga, the retail unit of Indonesian state energy firm Pertamina, estimated that 2026 sales of its 90-octane gasoline will rise by 3.9% to around 29.2 million kilolitres year-on-year, a company director said on Tuesday.
The country is Asia’s top gasoline importer.
Analysts said that a number of refineries were under maintenance in the last quarter of 2025 and those have come back and added supplies to the market, while inventories in the West remain high.
“In fact, some sellers in Europe could be trying to find homes for their fuel in the East of Suez markets,” Priti Mehta, analyst at Wood Mackenzie said.
<h3>NEWS</h3>
<ul>
<li>State-owned PetroChina has told its traders not to buy or trade Venezuelan crude since Washington took control of the OPEC producer’s oil exports this month, two trading executives familiar with the situation said.</li>
<li>Oil prices edged up on Tuesday as a massive winter storm hit crude production and affected refineries on the U.S. Gulf Coast, but the rise was curbed by a resumption in supply from Kazakhstan. (O/R)</li>
</ul>
<h3>SINGAPORE CASH DEALS (O/AS)</h3>
Three gasoline trades.
<h3>PRICES</h3>
CASH ASIA Change Prev RIC
CLOSE Close
OSN Naphtha CFR 575.50 -2.75 578.25 

Japan M1 ($/mt) TYO&gt;
OSN Naphtha CFR 568.75 -2.75 571.50 

Japan M2 ($/mt) TYO&gt;
OSN Naphtha Diff 6.75 0.00 6.75 

($/mt) -DIF&gt;
Naphtha Netback 61.94 -0.31 62.25 

FOB Sing ($/bbl) &gt;
Naphtha-Brent 87.18 2.13 85.05 

Crack ($/mt) -CRK&gt;
Gasoline 97 72.45 -1.49 73.94 

($/bbl) N&gt;
Gasoline 95 72.95 -0.49 73.44 

($/bbl) N&gt;
Gasoline 92 70.30 -1.49 71.79 

($/bbl) N&gt;
Gasoline crack 5.19 -0.84 6.03 

($/bbl) N-CRK&gt;
For a list of derivatives prices, including margins,
please double click the RICs below.
Brent M1 

c1
*
Naphtha CFR Japan 

M1 WMc1
*
Naphtha CFR Japan 

M1/M2 DMc1
*
Naphtha CFR Japan 

M2 WMc2
*
Naphtha 

Japan-Sing DMc1
*
Netback M1
Naphtha 

Japan-Sing DMc2
*
Netback M2
Naphtha FOB Sing 

M1 WMc1
*
Naphtha FOB Sing 

M1/M2 DMc1
*
Naphtha FOB Sing 

M2 WMc2
*
Naphtha Cracks M1 

KMc1
*
East-West Naphtha 

M1 c1
*
East-West Naphtha 

M2 c2
*
NWE Naphtha M1 

Mc1
*
NWE Naphtha M1/M2 

SMc1
*
NWE Naphtha M2 

Mc2
*
Crack NWE 

Naphtha-Brent M1 CMc1
*
Crack NWE 

Naphtha-Brent M2 CMc2
*
*Sing refers to
Singapore

601857

600028

00857

00386

Asia's gasoline refining profit margin has dropped below $6 per barrel, falling to $5.19 from $6.03 a day earlier due to high supply in the market. Pertamina, Indonesia's state energy firm, anticipates a 3.9% increase in 2026 sales of its 90-octane gasoline. Analysts note that refineries returning from maintenance have added to supply, while high inventories in the West persist. Additionally, PetroChina has halted purchases of Venezuelan crude following U.S. control over its oil exports. Oil prices rose slightly due to a winter storm affecting U.S. production, but supply from Kazakhstan limited gains.

Asia Naphtha/Gasoline-Gasoline margin plunges below $6/bbl