NEW YORK: Demand for gasoline and diesel to fuel cars and trucks will peak in 2027 — four years earlier than expected — as more fuel-efficient autos and increasing adoption of electric vehicles curb global consumption, according to BloombergNEF.
BloombergNEF, which forecast just a year ago that road fuel would peak in 2031, sees the change as bringing a significant drop in sales to those regions for fuel producers during the next decade. The European Union last week unveiled an ambitious climate plan that would ban new combustion-engine cars by 2035, while countries including China and the US have been pushing for greater adoption of electric vehicles.
Improved fuel economy, a switch to electric and other power sources and ride sharing will cut into any gains in fuel consumption from an increase in driving through 2050, the report said.