Asia’s imports of refined petroleum products dropped sharply in April, reaching their lowest level since 2020. The decline was driven by increased refinery maintenance in major fuel-exporting countries and weaker demand for gasoline and diesel.
Data from commodity analyst Kpler, cited by Reuters, shows that Asia’s imports of light and middle distillates fell to 166.37 million barrels in April, down from 195.54 million barrels in March.
Key exporters in the region, including India, China, and Singapore, all reduced their fuel shipments last month. India, Asia’s largest fuel exporter, saw shipments fall to a 30-month low of 29.2 million barrels in April, down from 42.66 million barrels in March.
The drop in imports is partly due to refinery maintenance, especially in India. Between January and April 2025, Asia’s total fuel imports dropped 11.6% compared to the same period in 2024, totaling 746.73 million barrels.
Despite the decline in imports, refining margins in Asia have remained fairly stable. This is because crude oil prices have fallen more sharply this year than prices for gasoline and gasoil, helping keep margins steady.
Looking ahead, Asian fuel markets face growing uncertainties. The region could be heavily affected by U.S. trade policies, even with a current tariff pause. The International Monetary Fund (IMF) recently lowered its economic outlook for Asia-Pacific, warning that the region is highly exposed to shocks.
Additionally, Indonesia, Asia’s largest fuel importer, plans to reduce its imports from Singapore and increase refined product purchases from the U.S. This shift comes as Indonesia seeks to negotiate lower tariffs with the United States, potentially disrupting regional fuel flows.
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