First Quarter of 2023 in Asia Pacific Diesel Prices
North America
The Diesel price trend showcased bearish movement throughout the 1st quarter of 2023. Initially, prices fell amid declined exports to the importers and weak supply chain activities amid the decline in upstream WTI Crude oil prices, which reduced the cost support. During the mid-quarter, the orders diminished from the Asian importers amid sanctions on Russian products and increased production rates. Due to this, the domestic inventory levels remained firm till the end of the quarter, and prices decreased marginally amid volatile upstream Crude Oil prices and shifting cost support. At the end of the quarter, Diesel prices in the USA hovered at USD 4.13/gal.
Asia
The diesel price trend showcased mixed sentiments in the Asian region during Q1 of 2023. In the first month of the quarter, Diesel prices surged due to increased Crude Oil prices by OPEC+ and decreased diesel fuel exports by the US. However, from the mid-quarter, prices fell due to increased oil imports amid improvement in supply chain activities. Due to increased imports and a decline in freight charges, inventory levels remained firm, and prices fell till the end of Q1 amid volatile upstream costs. While in India, Diesel prices stagnated from mid-quarter till the end of the quarter by the domestic suppliers amid increased Russian Crude oil imports and production rates. At the end of Q1, 2023, Diesel prices in China were witnessed at USD 1105/ton.
South America
The Diesel prices trend shifted sentiments in the South American region during quarter 1 of 2023. Initially, the price trend was stable, and prices rose marginally due to a rise in demand from importers. At the same time, the federal reserve exempted fuel taxes amid ease in the inflation in the country. During the mid-quarter, prices fell amid increased production rates and increased imports of Russian Crude oil amid imposed European ban on seaborne imports of Russian Crude oil from February 5. Consequently, the Diesel price trend remained bearish till the end of the quarter. The federal board further reduced fuel taxes to improve offtakes and sales of diesel. At the end of the quarter, the Diesel prices in Brazil hovered at Brazilian Real 5.94/ltr, Min.
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