Asian companies to ramp up petrol exports to US as sky-high prices beckon

The worsening gasoline crunch looks set to buoy Asian refiners -- particularly those in India -- as sky-high US prices encourage more exports.

US pump prices have now risen above $4 a gallon in all states for the first time ever as the summer driving season approaches. JPMorgan Chase & Co. forecast this week that American gasoline could surge to as high as $6.20 a gallon by August, which would be more than double the price a year ago.

Motor fuel is taking over from diesel as the major focus of fuel supply fears, with the tightening market stretching a global refining