China’s refiners cut gasoline and diesel exports in March as they prioritized domestic sales in another sign of recovery in the world’s biggest crude importer.
Gasoline exports fell to 760,000 tonnes last month, while diesel flows fell to 1.44 million tonnes, reducing monthly totals to the lowest since September and October respectively, data showed on Tuesday customs data. During the year, gasoline exports were lower, but diesel volumes increased.
Energy demand in Asia’s largest economy is rising after Beijing abandoned its restrictive Covid Zero policies, paving the way for a pick-up in activity. Other official figures from Beijing on Tuesday pointed to a rise in apparent demand for oil and unprecedented daily output at refineries across the country. Gasoline consumption, however, appears to be on a much stronger footing than diesel.
For this month, fuel exports are expected to remain close to March’s level of about 2 million tonnes, according to industry consultancy OilChem. Flows will include gasoline, diesel and jet fuel even as domestic supplies shrink, he said.
