Gaso­line stock­piles rise as more hy­brid cars hit the road

China Daily (Canada) - - BUSINESS -

Gaso­line in­ven­to­ries in China rose to a record high for a third month in June as an ex­pand­ing fleet of new-en­ergy ve­hi­cles lim­ited de­mand for con­ven­tional sup­plies in the world’s sec­ond-largest oil con­sumer. Gaso­line stock­piles in­creased 2.7 per­cent fromMay, ac­cord­ing to China Oil, Gas & Petro­chem­i­cals, a news­let­ter pub­lished by the of­fi­cial Xin­huaNews Agency. Sup­plies ex­panded to an es­ti­mated 7.81 mil­lion met­ric tons, the high­est level since Jan­uary 2010, when Bloomberg started com­pil­ing the data. Kerosene in­ven­to­ries also climbed to a record 1.88 mil­lion tons, up about 4.3 per­cent from a month ear­lier. China will waive a 10 per­cent tax on pur­chases of newen­ergy au­tos (elec­tric cars, plug-in hy­brids and fuel cell ve­hi­cles) from Sept 1 to the end of 2017, the govern­ment said on July 9.

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