South Korea National Oil Corp., compiled by S&P Global Platts, showed the biggest increase in gasoline demand in January in five and a half years, driven by falling retail prices and government tax cuts, according to Seoul Energy Information.
| http://www.lubonchem.com/ |
However, as gasoline prices have begun to climb, South Korea’s demand for automotive fuel is expected to slow this year, and the government’s tax cuts will end in early May.
In January, South Korea consumed 7.33 million barrels of gasoline, up 12.6% from 6.51 million barrels a year earlier. This is the biggest increase since August 2013, when gasoline demand increased 12.8% year-on-year.
In terms of gasoline consumption, this is the largest since August 2016, when the country consumed 7.8 million barrels of gasoline during the summer driving season.
The factors driving gasoline demand also led to the fastest growth in gasoline consumption since July 2017 in January.
| Benzalkonium chloride |
An official from South Korea National Petroleum Corporation said: “The rising demand for automotive fuel is mainly driven by falling retail prices and falling crude oil prices.”