Asia’s refined petroleum product imports plummeted in April to their lowest level since 2020, driven by increased spring refinery maintenance among key regional exporters and weakening demand for gasoline and diesel, according to industry data. Citing commodity analysts Kpler, Reuters columnist Clyde Russell reported that imports of light and middle distillates—a category including gasoline, diesel, and jet fuel—dropped to 166.37 million barrels in April, a sharp decline from March’s 195.54 million barrels. Major exporters such as India, China, and Singapore all recorded reduced fuel shipments, with India—Asia’s largest fuel exporter—seeing its shipments plunge to a 30-month low of 29.2 million barrels, down from 42.66 million barrels the previous month.
The broader trend reflects a sustained slump in regional fuel imports. Between January and April 2025, total imports of light and middle distillates across Asia reached 746.73 million barrels, an 11.6% year-on-year decline. Analysts attribute part of the weakness to scheduled refinery maintenance, particularly in India, where upgrades and downtime temporarily curbed production and export capacity. Despite the import decline, refining margins have remained relatively stable in recent weeks, a sign that demand has not collapsed entirely. As Russell noted, the stability stems from crude oil prices falling faster and more steeply than those of gasoline and gasoil, cushioning refiners’ profit margins even as volumes shrink.
Looking ahead, Asia’s fuel markets face heightened uncertainty. The region remains vulnerable to U.S. trade policies, with the International Monetary Fund (IMF) recently downgrading its near-term outlook for Asian economies, warning that the Asia-Pacific is “both strongly exposed to shocks and faces larger shocks than other regions.” Adding to the volatility, Indonesia—Asia’s largest fuel importer and Southeast Asia’s biggest economy—has signaled plans to reduce imports from Singapore and source more refined products from the U.S. as it seeks to negotiate lower tariffs with Washington. Such shifts in regional fuel flows could reshape trade dynamics, underscoring the fragility of a market already navigating maintenance disruptions, demand fluctuations, and geopolitical headwinds.
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