(Yicai) Sept. 3 -- The rapid development of electric heavy-duty trucks in China this year will likely lead to diesel consumption dropping by 153,000 barrels per day, according to the crude oil market research director of Norwegian energy research firm Rystad Energy.

Sales of new electric heavy trucks topped those of liquefied natural gas trucks in China in June, breaking a stereotype in the industry that electric vehicles have low energy efficiency, Ye Lin said at an industry seminar yesterday. "The electrification shift is encroaching on the gasoline market and is severely impacting diesel demand."

After China's refined oil consumption peaked at 399 million metric tons in 2023, demand for gasoline and diesel began declining and will continue to fall in the coming years, with the only uncertainty being how quickly, Ye pointed out.

PetroChina and China Petroleum and Chemical, also known as Sinopec, the country's two biggest oil companies, reported that gasoline and diesel sales plunged in the first half of this year from a year earlier. Facing the squeeze from electrification, the pair have highlighted the need to strengthen the "integrated development of oil, gas, hydrogen, electricity, and non-fuel businesses" and accelerate the expansion of their gas refueling and battery charging and swapping networks.

In May, Sinopec, the world's largest cornerstone investor, bought into China's Contemporary Amperex Technology, the biggest maker of electric vehicle batteries worldwide, with the two planning to build no less than 500 battery swap stations this year.

Established in 2004, Oslo-based Rystad Energy is an independent energy research and business intelligence company. It initially focused on production data analysis for global oil and gas fields, but has expanded to cover all energy types, including renewable energy, and conduct carbon emissions analysis.

Editor: Martin Kadiev