Asian oil refiners, beware. China’s churning out cheap gasoline and it’s pulling the rug from under the sector’s recovery.
Chinese fuel producers are ramping up gasoline exports as stockpiles stay swollen amid softer demand due to flooding and a resurgence of virus infections. This comes after a short reprieve in May when some state-owned refiners diverted more motor fuel to local markets when people opted for private over public transport, supporting post-lockdown consumption.
