NEW DELHI: Asia’s refining profit margins for 10 ppm gasoil plunged nearly 20% this week due to slowing demand in key markets such as India.

Refining margins for 10 ppm gasoil slipped to $37.53 a barrel over Dubai crude in Asian trading hours on Friday, compared with $37.89 on Thursday.

Cash differentials for gasoil with 10 ppm sulphur content were at a premium of $2.40 a barrel to Singapore quotes, up from $2.26 per barrel in the last session.

“Soft demand fundamentals amid inflationary pressures and high pump prices are weighing on the cracks despite steady arbitrage economics,” Refinitiv Oil Research analyst Abhishek Kumar said in a note.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area were down slightly to 1.503 million tonnes in the week to Thursday from 1.546 million tonnes in the prior week, Insights Global data showed.

Jet fuel stocks declined to 798,000 tonnes in the week from 808,000 tonnes in the prior week.

Market participants continued to book jet fuel and gasoil barges as a result of strong inland demand, contributing to a slight draw in stocks for these products, Insights Global’s Lars van Wageningen said.

French oil major TotalEnergies and shipping giant CMA CGM announced further measures to cut prices on Friday, following government pressure on companies to do more to help consumers cope with soaring inflation.