Gasoline demand growth to slow this year on EV growth in China, U.S.
NEW DELHI - Global petrol demand growth could halve in 2024, squeezing second-half refinery margins, analysts said, driven by a shift to electric cars in China and the United States and a return to normal consumption after last year's bounce following COVID-19.
China, once the world's driver of gasoline demand, is expected to account for more than half of all EV sales this year, the International Energy Agency has said. By comparison, booming car sales, along with high economic growth and low EV penetration, are driving gasoline demand in India and Indonesia.
Stagnant European petrol demand and rising competition from Nigeria's new Dangote refinery, the largest in Africa and Europe that could add 280,000-300,000 bpd of gasoline to global balances, will put European refining margins under pressure, Woodmac said.
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