China’s consumption of oil products rose 4.1% year on year to 28.13 million mt in October, latest data released by the National Development and Reform Commission showed. The growth was mainly led by gasoline consumption, which rose 11.1% on year, while gasoil consumption fell 2.2% over the same period, NDRC said, without providing a breakdown of volumes for the two grades. NDRC’s data for gasoline consumption growth in October exceeded the market’s earlier expectation. “We had expected the October growth [for gasoline consumption] to slow down due to the deceleration of car sales and sluggish economic growth,” an oil trader in Beijing said, who still believed that China’s gasoline consumption growth would be slower in November and December due to high prices. China processed 50.09 million mt of crude oil in October, up 2.3% on […]