Gasoline stockpiles rise as more hybrid cars hit the road
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.