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Toluene Prices Surge to Decade Highs on Acute Octane Blending Demand

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Published: February 24, 2026

The Octane Premium Squeeze

With wholesale gasoline at $2.32, the premium for toluene as an octane booster has widened. Refiners are outbidding chemical manufacturers for spot volumes, causing an acute supply squeeze.

Maintenance Impact

The spring maintenance cycle is reducing the reformate stream from which toluene is extracted. This seasonal drop in supply is expected to keep prices elevated through March.