The oil market is handing European drivers something of a lucky break as they ditch diesel cars. As the great switch gathers pace, the price premium for gasoline across Europe has tumbled to the lowest since 2008.
“Directionally, gasoline demand will increase as diesel goes even more out of favor,” said Steve Sawyer, a London-based analyst at industry consultant Facts Global Energy. Price pressure on gasoline will persist because the region’s supply exceeds demand by about 1 million barrels a day, he said.
Read the article at Bloomberg.