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The World’s Road Fuel Demand to Peak Years Earlier Than Expected

  • BloombergNEF expects demand for road fuel to now peak in 2027
  • Fuel providers face sales drop in Europe, U.S. on lower demand
U.S. Gas Prices Highest In 7 Years
Photographer: Kyle Grillot/Bloomberg

Demand for gasoline and diesel to fuel cars and trucks will peak in 2027 -- four years earlier than expected -- as more fuel-efficient autos and increasing adoption of electric vehicles curb global consumption, according to BloombergNEF.

Decline in demand for road fuel will be steepest in Europe and the U.S. and an anticipated rise in fuel use in countries such as India and China will fail to materialize, Bloomberg’s energy data and analysis firm said in a report published Tuesday. BloombergNEF, which forecast just a year ago that road fuel would peak in 2031, sees the change as bringing a significant drop in sales to those regions for fuel producers during the next decade.