Analysts say global demand growth for petrol could drop by 50% this year as the transition to battery electric vehicles (BEVs) speeds up in major markets such as the United States and China. Additionally, refiners will likely see a dip in their second-half earnings as petrol consumption returns to normal levels after experiencing an abnormal surge in demand in 2023.
BEVs have been around for more than a decade as potential alternatives to fossil-fuel vehicles, but their high upfront costs put them out of reach for most of the consumer market. Although most automakers are now working to develop affordable electric cars for the mass market, Chinese carmakers are…
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