China's Gasoline Consumption Could Plunge 5.5% in 2026 as Oil Prices Surge

China's gasoline demand has dropped since the Iran war upended the global oil markets and is on track to decline more than previously expected this year, due to the higher prices and the continued push toward electric vehicles. China could see its gasoline demand slump by as much as 5.5% this year from 2025, GL Consulting said in its latest forecast reported by Bloomberg on Thursday. Before the war, the China-based consultancy had expected a 5.2% decline in gasoline consumption for 2026. The expected 5.5% drop in Chinese gasoline consumption would…