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China Nears Peak Gasoil Demand as LNG-Fueled Truck Sales Surge

OIL PRODUCTS

China either already has or is close to reaching peak gasoil demand as growing sales of LNG-fueled heavy-duty trucks displace diesel-powered equivalents, Platts said.

  • The trend has already forced Chinese refineries to limit gasoil production in 2024 as LNG-fueled trucks have resulted in the displacement of 8% of gasoil consumption
  • Platts expects China’s gasoil demand to see a marginal increase of 35k b/d, or 0.9% on the year at around 3.8m b/d in 2024, before peaking in 2027.
  • Some analysts have seen China’s gasoil demand as already having peaked.
  • Platts analysts also expect China’s LNG-fueled trucking fleet to expand is share of trucks to 10% of the total by end-2024, compared to 7.5% by end-2023.
  • Refiners with Sinopec and PetroChina, as well as Shandong’s teapots said that their gasoil inventories were high due to falling demand.
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