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Increased LNG Truck Use to Pressure Diesel Demand: OilChem

OIL PRODUCTS

Heavy duty trucks powered by LNG accounted for almost 30% of sales in China during March, mirroring a similar uptake in EVs around two years ago and likely to pressure diesel demand, according to OilChem.

  • Gas is now economical over diesel as the price spread widens, boosting the utilisation rate of LNG-powered trucks, OilChem added.
  • Weaker mining and infrastructure activity – comprising 17% of China’s diesel demand – is also pressuring consumption.
  • China’s diesel consumption is seen at 56.1m mt in Q2, down 2.4% on the year.
  • Refinery margins at Shandong’s teapots were down 67% on the year, with diesel margins down 69% and gasoline down 43%.
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