NEW DELHI: Asia’s gasoline crack extended gains on Thursday after crude oil prices tumbled and stocks at key trading hub of Singapore declined.

The refining profit margin for gasoline rose to $12.83 a barrel, up $1.63 from Wednesday. In physical markets, Vitol bought a cargo of 50,000 barrel of the higher 97-octane grade of gasoline, market watchers said.

Singapore’s onshore inventories of light distillates dropped 1.094 million barrels to a three-week low of 13.794 million barrels in the week to March 30, Enterprise Singapore data showed.

Meanwhile, China’s retail gasoline and diesel prices are set to rise by 110 yuan ($17.34) a tonne effective from Friday. Prices will hit record highs following the rise.

Oil prices plunged on Thursday on news that the United States was considering a 180 million barrel release from its Strategic Petroleum Reserve, the largest in the near 50-year history of the SPR.