Industry Trend Analysis - Long-Term Gasoline, Diesel Outlook Positive - OCT 2017
BMI View: Low prices and seasonal factors led South Korea's gasoline and diesel consumption to rise to a record in Q2 2017. Consumption of both fuels is expected to grow over the long-term, largely due to tightening fuel standards in the transportation and shipping sectors.
South Korea's consumption of gasoline and diesel rose to a record in Q2 2017, supported by favourable prices and an upsurge in traffic volume over the nine-day 'golden holiday' period in May. The country consumed a combined 64.6mn bbls of the two fuels over April-June (equivalent to 710,000b/d), an increase of 2.3% y-o-y, according to official customs data.
Favourable Prices Underpin Strong Consumption Figures
|Prices, Holiday Drive Record Q2|
|South Korea - Monthly Gasoline & Diesel Consumption, mn bbls|
|Source: KNOC, BMI|