Funds for infrastructure and the property sector could stanch the decline in China’s gasoil demand, which peaked in 2023. But for now, the rapidly expanding petrochemicals sector will drive demand this year, as both naphtha and LPG consumption are expected to rise strongly. “We will advance petrochemical industries … by cutting the output of refined petroleum products, increasing the output of chemical products and enhancing quality,” China’s top economic regulator, the National Development and Reform Commission, pledged this month.
