The Silicon Review ^Asia

Asia's gasoil price has seen a drop in its price and cash differentials for ten ppm; it is said that it is the lowest when it comes to a price drop for more than two months. The prices have dropped down due to pandemic and also because of subdued demand. Countries like Dubai and Saudi Arabia have reduced the barrel price by 9 cents while Singapore has reduced the gasoil barrel price by 18 cents, according to the trade sources' recent report.

Since the lockdown has been implemented in many countries, and Coronavirus infections are resurgent, it has decreased fuel demand. In India, fuel demand dragged lower in July, posting its fifth consecutive year decline; this has also led to an economic imbalance. When it comes to diesel consumption, India accounts for about two-fifths of India's overall fuel usage, which fell to 5.52 million tonnes last month from 6.31 million tonnes.

The refining margin for gasoil has seen a downfall and has caused a significant loss to Dubai Crude oil companies. Oil export, which is considered as the country's primary business, has also seen a gradual decline from June. At the same time, US distillate fuel inventories declined by 2.9 million barrels. Even the crude oil prices have been reduced in the US due to the pandemic, data from industry group, the American Petroleum Institute (API) stated.