(Bloomberg) — Asian gasoline has surged to a record premium to diesel as the use of private vehicles rise while public transport and industrial activity remain sluggish, highlighting the uneven demand recovery from Covid-19.
After a brief slump in early September, motor fuel prices have rebounded amid signs cars and motorbikes are being favored to avoid infection. Diesel — commonly used by buses and trains — has fallen amid weak demand and a global glut of middle distillates that’s being caused by many refiners having only limited scope to adjust the mix of oil products they’re making.
In the Asian oil hub of Singapore, 92-RON gasoline’s front-month swap was at a $3.26 per barrel premium to diesel on Monday, the most in figures going back to 2017, Bloomberg Fair Value data show. Motor fuel, which is normally cheaper than diesel, was at a discount of $25 to the industrial fuel