China Fuel Demand Under Pressure as Pricier Oil Adds to EV Push

China’s gasoline demand is expected to slide further this year, as the Iran war pushes up oil prices and accelerates a long-term shift away from the internal combustion engine.

Gasoline consumption could shrink 5.5% this year, according to a forecast from GL Consulting, which has downgraded its estimate from a previous 5.2%. That would be the second-biggest contraction on record — and only after 2022, when China’s draconian Covid lockdowns caused demand to collapse.