China's May gasoline exports plunge, LNG imports slide

China's May gasoline exports fell 45.5 per cent from a year earlier and diesel exports plunged 92.7 per cent despite stalling domestic demand, as companies ran short of export quotas, Chinese customs data showed on Saturday.

Widespread lockdowns that began in March in the financial and commercial hub Shanghai to contain the COVID-19 virus hammered local consumption of gasoline, diesel and aviation fuel. Demand only started a modest recovery in late May with some easing of mobility restrictions. The swelling stocks as a result of stagnant fuel consumption prompted the government to issue an additional batch of permits in early June.

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