China’s Gasoline Demand to Keep Falling, Sinopec Says
- Country’s No. 1 refiner reaffirms oil demand peak by 2027
- Petrochemicals to cushion declines from road fuels, it says
This article is for subscribers only.
China’s biggest oil refiner said the country’s gasoline demand had peaked last year and declines would accelerate as the shift to electric vehicles gathers pace.
Consumption of the fuel would dip around 1% this year before dropping further from 2025, Sinopec Economics & Development Research Institute said in an annual report released on Thursday. The institute reiterated a forecast from last year that China’s overall oil demand would top out at around 800 million tons a year no later than 2027.