OGRA trims HSD crack spread to $38 per barrel

OGRA has reduced the crack spread on high-speed diesel to US$38 per barrel, down from US$41.89, as shown in its daily pricing document posted on the regulator's website. Topline Securities said in a research note issued Tuesday that the previous spread had been fixed for two months at the outset and was scheduled to end on October 20, 2026. The brokerage said it had also verified the revision with a refinery, which indicated that refineries and companies agreed the new formula would remain in force for 60 to 90 days.

Topline plans to verify the change again with other refineries and OGRA prior to releasing a revised note, as clarity is still pending. The revision concerns the spread applied to HSD, which places the development within the refinery and fuel marketing sectors.