China’s gasoline demand is expected to fall further this year as higher oil
prices from the Iran conflict and a long-term shift toward electrification
reduce consumption. GL Consulting forecasts a 5.5% decline, revised from 5.2%,
marking the second-largest contraction on record after 2022 Covid lockdowns. The
International Energy Agency also expects demand to slow sharply this quarter.
Rising fuel prices, near record highs in April, have curbed driving despite
government caps. Analysts said inflation pressures and growing transport
alternatives are further weakening gasoline and diesel demand in China.
