India’s gasoline demand is likely to peak by 2035 amid rising ethanol blending and increased use of vehicles running on batteries and natural gas, according to A S Sahney, the chairman of the largest state-owned refiner, Indian Oil Corporation (IOC). Talking at an industry event in Goa on Wednesday, Sahney said that “Motor spirit is feeling pressure from all sides" as demand for other refined products rises. Diesel and jet fuel demand are set for continued growth amid rising industrial activity and air travel, while demand for fuel…
Refining & Products Context
Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.
Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.
What to Watch
Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.
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