SINGAPORE: Asia’s gasoline crack rose on Monday, lingering close to a one-year high touched last week, buoyed by expectations for firmer demand and tighter regional supplies in the near term.

The gasoline crack rose to $5.83 per barrel, compared with $5.77 per barrel on Friday. The crack had climbed to as high as $6.37 a barrel last week.

The gasoline refining margins, which have climbed nearly 64% so far this year, are expected to strengthen further as upcoming spring refinery turnarounds would curb supplies.

Steady gasoline imports by key markets such as Australia and Indonesia are also supporting the cracks, market watchers said.

Consumption of land transport fuels, such as gasoline, is expected to climb gradually this year as COVID-19 vaccines help restore normality to markets.

Asia’s naphtha crack dipped to $101.45 per tonne on Monday, down from $103.33 a tonne on Friday.

India’s petrol exports dipped 1.1% to about 880,000 tonnes in February from 890,000 tonnes in January, government data showed. February’s exports were 14.6% lower year-on-year, the data showed.

The country exported 2.11 million tonnes of diesel in February, compared with 2.32 million tonnes in January, and 2.39 million tonnes in February last year, data showed.

Two gasoline deals, no naphtha trades. Oil prices resumed their decline on Monday, falling on renewed concerns that European coronavirus lockdowns could slow any recovery in demand for fuel products.

Singapore port operator Jurong Port has completed its acquisition of a stake in a major oil storage terminal in the city-state from the family behind collapsed oil trader Hin Leong Trading Pte Ltd, a port spokesman said on Saturday.