Oil product consumption rises slightly

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Oil product consumption rises slightly

Korea’s consumption of oil products rose slightly in January from a year earlier, fueled by a surge in production and exports of petrochemical products, a government report said yesterday.
Consumption of gasoline and other petroleum products rose 2.7 percent from a year earlier to 73 million barrels last month, according to the report by the Ministry of Commerce, Industry and Energy.
January’s gain was led by strong demand for naphtha, the report said. Exports of naphtha, the basic material for petrochemical products, shot up 24 percent to $2.12 billion.
In contrast, demand for gasoline, kerosene, diesel and bunker-C oil fell in January from the same period of the previous year. Gasoline consumption edged down 0.3 percent because of a reduction in the number of passenger cars produced and a decline in demand by the industrial sector.
Kerosene consumption dipped 18.1 percent and diesel fuel posted a 0.5 percent on-year dip.
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