The decline in gasoline demand is part of a broader trend of decreasing fuel consumption in the country. Forecasts from the research division of the state oil company Sinopec indicate that by 2025, gasoline consumption will decrease by more than 4% compared to the previous year, with the peak recorded in 2023.
During the first nine months of 2023, electric and hybrid models accounted for nearly half of all new car sales. The Ministry of Transport of China reported that during the October holidays, out of 63.5 million car trips, one in five was made using electric or hybrid vehicles.
At the same time, daily electricity consumption at charging stations during the "Golden Week" increased by 45.7% compared to the same period last year.
Reuters notes that the transition to electric vehicles has been accelerated by a government program to develop charging infrastructure. By the end of September, there were about 18 million charging ports in China, which is 54.5% more than last year.
In one example, a resident of China, Tianyu Jiang, shared his experience: he traveled 2000 km from Sichuan Province to Beijing in an electric vehicle. According to him, charging stations are located no more than 10 km apart, and the price of electricity remains low, making trips in electric vehicles convenient and accessible.
