In just a few years, new energy vehicles have surged in China, while demand for traditional fuel-powered cars has weakened. Coupled with persistently low international oil prices, China’s once-dominant oil giants—PetroChina, Sinopec, and CNOOC—have been significantly impacted. Refineries across the country have had to shut down in batches, gas stations are closing one after another, and many fuel pumps sit idle. Quarterly financial reports show a steep decline, with Sinopec’s Q3 net profit slashed by half, PetroChina’s revenue down 12%, and CNOOC’s Q3 revenue falling below 100 billion yuan. The petrochemical empire has taken a severe hit. The rise of new energy vehicles has led to a decline in both the sales and prices of gasoline and diesel. In 2024, gasoline consumption reached 177 million tons, down 2,800 tons from 2023. At the beginning of 2024, 92-octane gasoline sold for 8,500 yuan per ton, but by year’s end, the price had dropped to 7,900 yuan per ton.
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