China, India plans for electric cars threaten to cut petrol demand

Refiners should prepare for a future in which petrol, their biggest source of revenue, will be much less of a cash cow as electric vehicles gain traction.

SINGAPORE/KUALA LUMPUR:  Demand for petrol in Asia may peak much earlier than expected as millions of people in China and India buy electric vehicles over the next decade, threatening wrenching change for the oil industry, oil and auto company executives warned.

They said refiners should prepare for a future in which petrol, their biggest source of revenue, will be much less of a cash cow.