Singapore will be one of the best-performing diesel markets in Asia over the next 10 years.
According to BMI Research, respective diesel consumption will grow at an average annual rate of 20.4% in Singapore and 6.1% in India over the next 10 years, the highest among seven countries in Asia that consume more than 380,000b/d of diesel.
Matching its status as one of the busiest ports in the world, the rapid growth in diesel consumption in Singapore will be driven by the shipping sector.
"This trend will be driven by aggressive fuel-switching in the shipping sector from high-sulphur fuel oil to lower-sulphur middle distillates, an expanding transportation sector and an upsurge in infrastructure-related spending," BMI Research said.
Do you know more about this story? Contact us anonymously through this link.