NEW DELHI: Asia’s refining margins for 10ppm gasoil and jet fuel shed gains on Monday, though the decline was limited by tight global supply as industrial and travel demand recovers.

Refining profit margins, or cracks, for the 10 ppm gasoil grade slipped to $51.44 a barrel over Dubai crude on Monday, Refinitiv Eikon data showed. The cracks were at $54.93 in the previous session.

Margins for jet fuel were down $2.58 to $44.64 a barrel over Dubai crude during Asian trading hours. Both product cracks had gained on Friday on fears of a further tightening of supplies in the global pool after the Indian government imposed new rules requiring the country’s oil companies to sell to the domestic market the equivalent of 30% of the amount sold overseas for the fiscal year ending on March 31, 2023.

Market sources said that the impact of the restrictions will be limited on exports because exporters and producers will have time to balance out their volumes. “After an initial slowing of exports, volumes will reach a normal range,” one trade source said.

Cash differentials for jet fuel rose to a premium of $2.55 a barrel to Singapore quotes on Monday, from $1.86 a day earlier. Cash premiums for gasoil with 10 ppm sulphur content declined 40 cents to $6.49 a barrel to Singapore quotes.