Indonesia, Asia-Pacific's largest gasoline importer, imported record high monthly volumes of gasoline in December 2024, according to GTT customs data.
Indonesia imported 475,000 b/d of gasoline in December, up by 29pc on the month and 24pc on the year. Indonesia imported 378,500 b/d of gasoline in 2024 compared with 369,000 b/d in 2023.
Singapore, a major gasoline blending hub, continued to be Indonesia's main supplier at 279,000 b/d of imports in December, followed by Malaysia at 97,000 b/d.
The reason for the surge in import demand cannot be confirmed but could be because of an increase in Indonesia's 92R gasoline appetite as the government sought to introduce restrictions to ensure subsidised 90R gasoline fuel went to the targeted economic group.
Indonesia's state-controlled refiner Pertamina issued a series of very prompt spot 92R gasoline tenders for loading in December. The prompt tenders arose because of an increase in domestic 92R gasoline demand, Indonesia-based gasoline traders said. This is a result of a combination of a narrower 90R and 92R price spread and the new restrictions, added a trader.
The Singapore 92R gasoline crack spread, or the Argus Singapore 92R gasoline spot price against ICE Brent, averaged at $8.18/bl in December, as compared to an average of $5.47/bl in November, according to Argus' pricing data.
By Aldric Chew
