Spot Prices Major Markets
US Gulf Coast Market
USGC Gasoline Regular unleaded 87 refers to regular-grade, unleaded gasoline traded or priced in the U.S. Gulf Coast (USGC) spot market, with an octane rating of 87. This is the most common type of fuel used in conventional vehicles in the United States
USGC refers to the U.S. Gulf Coast (PADD 3 region), a major hub for refining and trading refined petroleum products, often serving as a benchmark for prices across the U.S. and for exports
USGC ULSD 15ppm sulphur refers to Ultra-Low Sulfur Diesel (ULSD) fuel in the U.S. Gulf Coast (USGC) region that contains a maximum of 15 parts per million (ppm) of sulfur. This is the standard specification for all on-road and most non-road diesel fuel in the United States, as mandated by the Environmental Protection Agency (EPA)
The low sulfur content is required for modern diesel engines equipped with advanced emissions control systems, which would otherwise be damaged by higher sulfur levels
USGC Fuel oil 3.0 pct sulphur refers to high-sulfur fuel oil (HSFO) traded in the US Gulf Coast (USGC) market. This product is also known as "Gulf Coast No. 6 3.0%S (Waterborne) Fuel Oil".
The "3.0 pct sulphur" (3.0%) specification refers to the nominal sulphur level, but the maximum allowed sulphur content in the product specification is 3.5%. International Maritime Organization (IMO) regulations that came into effect in January 2020 limit the sulphur content of marine fuel used by most ships to a maximum of 0.50%, a significant reduction from the previous 3.5% limit. This has reduced demand for HSFO as a primary marine bunker fuel
Singapore Market
Singapore Gasoline Premium unleaded 97:Wholesale market prices for Singapore Mogas 97 are typically reported as a Free On Board (FOB)
Singapore typically offers gasoline with Research Octane Numbers (RON) of 92, 95, and 98 at petrol stations. Premium unleaded 97 RON gasoline is not a standard grade widely retailed at pumps in Singapore today. While 97 RON gasoline used to be a market benchmark for trading in Singapore and is available in neighboring countries like Malaysia, major retailers in Singapore generally carry 92, 95, and 98 RON grades
Singapore Gasoil 0.05% Sulfur (50 parts per million or ppm) refers to low-sulfur diesel, and is a key refined oil product benchmark, traded and priced in Asia
Singapore Fuel Oil 380 cSt (centistokes) is a heavy marine fuel (HFO) known for its high viscosity, used in large ships for propulsion and industrial processes
Rotterdam Market
Rotterdam Gasoline Premium Unleaded 98 refers to high-octane (98 RON) gasoline traded at the key European oil hub of Rotterdam, used as a benchmark for European markets, and reflects wholesale prices (FOB)
Rotterdam Gasoil 10ppm sulphur refers to ultra-low sulphur diesel (ULSD) traded as a benchmark refined product from the Amsterdam-Rotterdam-Antwerp (ARA) region, used globally for transport and marine fuel, meeting strict environmental standards like IMO 2020
Rotterdam Fuel Oil 3.5% sulfur refers to High Sulphur Fuel Oil (HSFO) used in shipping before stricter rules, often traded as a benchmark and known as IFO 380/180 (Intermediate Fuel Oil) or RMK 380, containing up to 3.5% sulfur. It continues to be used by vessels fitted with scrubbers after the IMO 2020 global cap of 0.5% sulfur
Table below captures trend in annual average spot prices in major markets (Source: OPEC)
Product prices typically track crude oil prices, and for the refining industry, their differences with respect to the marker crude, rather than absolute price levels, are critical for the profitability. These are known as "Crack Spreads (click to see)"
| Year | USGC Gasoline Regular unleaded 87 | USGC ULSD 15ppm sulphur | USGC Fuel oil 3.0 pct sulphur | Singapore Gasoline Premium unleaded 97 | Singapore Gasoil 0.05 pct sulphur | Singapore Fuel oil 380 centistokes | Rotterdam Gasoline Premium unleaded 98 | Rotterdam Gasoil 10ppm sulphur | Rotterdam Fuel oil 3.5 pct sulphur |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 94.4 | 100.0 | 69.1 | 94.0 | 95.3 | 71.2 | 106.1 | 100.7 | 70.6 |
| 2023 | 104.6 | 115.1 | 68.1 | 100.7 | 104.0 | 69.2 | 126.0 | 111.2 | 69.5 |
| 2022 | 123.3 | 145.8 | 76.8 | 117.5 | 130.7 | 76.6 | 136.3 | 142.3 | 75.4 |
| 2021 | 86.7 | 85.1 | 59.8 | 81.7 | 76.0 | 62.1 | 85.9 | 78.3 | 60.1 |
| 2020 | 47.8 | 50.8 | 34.7 | 47.6 | 48.4 | 37.5 | 51.3 | 49.2 | 33.3 |
| 2019 | 72.7 | 79.6 | 52.6 | 74.2 | 77.2 | 56.7 | 79.5 | 79.5 | 48.9 |
| 2018 | 80.2 | 86.2 | 60.2 | 81.3 | 84.1 | 64.7 | 87.3 | 85.9 | 59.0 |
| 2017 | 68.6 | 68.6 | 47.1 | 69.5 | 65.7 | 49.2 | 75.1 | 66.4 | 44.3 |
| 2016 | 57.2 | 55.8 | 32.1 | 57.8 | 52.1 | 34.9 | 63.6 | 53.3 | 29.6 |
| 2015 | 67.6 | 63.8 | 40.8 | 71.4 | 64.6 | 44.3 | 75.5 | 66.0 | 40.8 |
| 2014 | 107.9 | 111.4 | 82.7 | 112.0 | 112.7 | 86.6 | 115.1 | 112.9 | 83.7 |
| 2013 | 116.6 | 121.8 | 93.1 | 121.5 | 123.4 | 95.7 | 122.6 | 123.9 | 93.9 |
| 2012 | 121.7 | 126.0 | 99.4 | 126.4 | 128.2 | 103.2 | 127.3 | 129.2 | 100.1 |
| 2011 | 117.7 | 122.8 | 108.0 | 122.0 | 126.3 | 99.9 | 120.4 | 126.5 | 97.0 |
| 2010 | 89.5 | 89.6 | 70.5 | 90.1 | 90.4 | 72.3 | 92.4 | 90.8 | 70.6 |
| 2009 | 70.0 | 68.0 | 55.9 | 69.9 | 70.6 | 57.2 | 70.5 | 70.4 | 54.2 |
| 2008 | 104.9 | 118.2 | 72.2 | 102.6 | 122.1 | 74.9 | 108.3 | 125.1 | 69.4 |
| 2007 | 86.4 | 84.5 | 53.1 | 82.9 | 88.6 | 55.5 | 92.0 | 88.6 | 51.3 |
| 2006 | 77.6 | 76.0 | 45.6 | 73.1 | 82.1 | 46.4 | 72.9 | 80.1 | 43.4 |
| 2005 | 67.3 | 70.7 | 36.4 | 62.1 | 68.7 | 38.4 | 62.6 | 70.9 | 34.6 |
| 2004 | 49.4 | 45.6 | 24.8 | 47.2 | 47.3 | 26.6 | 47.1 | 46.0 | 22.9 |
| 2003 | 36.8 | 34.1 | 24.0 | 34.7 | 33.4 | 25.1 | 34.9 | 33.5 | 22.4 |
| 2002 | 30.4 | 27.8 | 20.7 | 28.0 | 28.2 | 21.8 | 28.5 | 27.3 | 19.8 |
| 2001 | 31.0 | 29.0 | 17.2 | 27.5 | 27.3 | 19.4 | 29.3 | 28.8 | 17.1 |
| 2000 | 35.1 | 34.0 | 20.8 | 32.6 | 32.5 | 23.0 | 35.2 | 33.8 | 20.5 |
| 1999 | 22.0 | 19.8 | 14.3 | 21.0 | 19.1 | 14.8 | 21.5 | 19.7 | 13.7 |
| 1998 | 17.6 | 16.0 | 9.7 | 17.2 | 15.5 | 9.9 | 17.3 | 15.9 | 9.7 |
| 1997 | 24.8 | 22.7 | 14.4 | 24.6 | 24.2 | 14.7 | 23.6 | 23.0 | 13.9 |
| 1996 | 25.1 | 24.8 | 15.6 | 23.6 | 27.1 | 15.5 | 23.7 | 25.5 | 15.5 |
| 1995 | 21.3 | 20.0 | 13.8 | 22.1 | 21.6 | 14.0 | 20.6 | 20.2 | 14.1 |
| 1994 | 20.0 | 19.4 | 11.7 | 21.1 | 20.9 | 12.1 | 19.6 | 19.5 | 12.4 |
| 1993 | 21.3 | 21.3 | 10.3 | 24.0 | 24.0 | 10.5 | 21.8 | 21.9 | 9.7 |
| 1992 | 24.1 | 23.2 | 11.5 | 26.6 | 25.1 | 12.3 | 24.5 | 23.4 | 12.3 |
| 1991 | 26.6 | 24.4 | 10.3 | 28.6 | 28.3 | 12.7 | 27.5 | 26.5 | 11.7 |
| 1990 | 29.7 | 27.6 | 14.6 | 32.6 | 29.3 | 15.6 | 31.8 | 28.1 | 15.0 |
| 1989 | 23.4 | 21.9 | 13.5 | 23.2 | 22.8 | 13.0 | 24.1 | 21.3 | 13.2 |
| 1988 | 20.0 | 18.2 | 10.6 | 19.8 | 18.4 | 10.5 | 20.4 | 17.7 | 10.3 |
| 1987 | 21.1 | 21.0 | 15.4 | 23.2 | 21.0 | 14.7 | 21.6 | 20.6 | 14.9 |
| 1986 | 36.8 | 35.4 | 24.5 | 31.2 | 36.3 | 25.6 | 37.2 | 35.5 | 25.1 |
| 1985 | 32.1 | 31.0 | 22.5 | 27.0 | 30.3 | 23.2 | 31.7 | 31.7 | 22.9 |
| 1984 | 32.0 | 32.5 | 26.5 | 27.6 | 31.5 | 26.2 | 31.2 | 31.5 | 26.9 |
| 1983 | 34.9 | 32.8 | 24.4 | 30.4 | 33.6 | 25.4 | 34.7 | 32.7 | 24.7 |
| 1982 | 38.3 | 37.4 | 24.2 | 32.3 | 39.6 | 25.1 | 39.6 | 38.2 | 24.8 |
| 1981 | 41.9 | 39.8 | 24.9 | 35.3 | 40.4 | 27.4 | 43.1 | 38.5 | 26.2 |
| 1980 | 41.4 | 38.9 | 24.9 | 34.5 | 42.4 | 26.6 | 42.9 | 40.4 | 25.1 |