With sales of electric cars surging, China is on track to hit peak gasoline demand next year, two new analyses find.
With plug-in cars increasingly displacing gas guzzlers, China is now on track to hit peak gasoline demand in 2024, according to independent analyses from the International Energy Agency and Rystad Energy, a Norway-based consultancy. Chinese oil refiners CNPC and Sinopec project that peak gasoline will come slightly later, in 2025, Reuters reports.
Worldwide, gasoline demand remains below its pre-pandemic high. With EVs growing in popularity, it’s possible that global gasoline demand has already peaked, according to the International Energy Agency.