エネルギー資源マンスリー(2026年6月)

Research evidence excerpt

エネルギー資源マンスリー(2026年6月)

2026年 6月 16日

６． 国内外石油製品マーケット動向

図表45. 国内業転マージンの推移 (円/l) 図表46. 国内石油製品マージンの推移 直近2 年間 (円/l)

(¥/l) 30.0

(¥/l)

25.0

20.0

15.0 15.0

10.0

5.0

0.0

Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 -5.0 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26

Weighted average of 4 products Gasoline

Kerosene Gasoil Gasoline Kerosene

Fuel oil A Weighted average of 4 products (annual) Gasoil Weighted average of 4 products

Weighted average of 4 products (quarter)

Weighted average of 4 products (incl. fuel costs)

注：2022 年1 月下旬以降は補助金を含む

出所: リム情報開発社、日経商品市況等より、みずほ証券エクイティ調査部作成

図表47. 原油価格と精製マージンの比較 図表48. シンガポールマージンの推移

30 120 60.0 (¥/l) (¥/l) ($/bbl)

50.0

25 100

40.0

20 80 30.0

15 60 10.0

10 40

-10.0

5 20 -20.0

-30.0

0 0 -40.0

Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25Mar-25May-25Jul-25Sep-25Nov-25Jan-26Mar-26May-26 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26

Imported profitable price RIM margins

4 product margin, ¥/l 4 product margin (adjusted time lag, ¥/l) Eneos wholesale price - margins RIM - Imported profitable price

Dubai crude oil (RHS, $/bbl) AL crude oil (RHS, Yen/l) Eneos wholesale price - Imported profitable price