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China’s Lunar New Year Domestic Trips Surged 34.3% YoY

OIL PRODUCTS

China’s domestic trips during 10-17 February rose by 34.3% compared with the Lunar New Year holidays in 2023 and by 19% from pre-pandemic levels in 2019 according to the Ministry of Culture.

  • Market sources estimated 80% of the domestic trips involved road transportation, which boosted Chinese gasoline demand.
  • "Road transportation has been the most competitive mode for holiday travel compared with railway and airplane amid limited income in recent years," an analyst told S&P Commodity Insights.
  • Daily refined oil product sales during 9-17 February rose by 10% compared with the same holiday period last year, data from PetroChina's Intelligent Operation Center showed.
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