IEA: Gasoline Demand May Never Recover From Pandemic
GASOLINE DEMAND – The International Energy Agency said that the gasoline demand may never recover from pre-pandemic levels.
The IEA added that it may never recover with increased use in developing countries offset by rising fuel efficiency and a switch to electric vehicles in wealthy nations, according to ABS-CBN News.
It said that the demand was approaching a plateau and kept its demand outlook figure steady from 2024 to 2025.
However, remote working amid the pandemic helped hollow out demand, it said, adding that commuting is likely to remain curtailed in 2021 and in the following years.
“Global gasoline consumption is unlikely to ever return to its 2019 level,”
“Strong growth in developing countries is no longer enough to offset declines within the OECD, where fuel efficiency improvements are making an impact.”
“Consumption should continue to rise strongly in 2022 … narrowing the gap with pre-pandemic levels. However, beyond that, demand is likely to stagnate for several years.”
This was from its Oil 2021 five-year outlook, based on the report.
In another report regarding petroleum, prices on petroleum products have increased this week following rollback on prices of said products last week’s Tuesday.
VISIT: Petroleum Products Price Hike To Take Effect On March 16, 2021
There is an increase of prices on the following products:
- P1.25 per liter for the price of gasoline
- P0.90 per liter for the price of diesel
- P0.85 per liter for the price of kerosene
What do you think of this report? How will you react to this? Let us know more about it in the comments below.
READ ALSO: Angel Locsin Reaction On Duterte’s ‘Maliit Na Bagay’ Remark About COVID-19
Check out our latest news at philnews.ph or in our following social media pages
Facebook: /PhilNews
Twitter: @PhilNews247
Instagram: @philnewsph
