In 2023, the UK refinery output of motor gasoline (excluding biofuel) stood at 191.02 thousand gigawatt hours. Analyzing the year-on-year variation over the past two years, there is a downward trend with decreases of 1.64% in 2022 and 1.63% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years reveals an average annual decrease of 1.48%.
Looking at the forecasts for 2024 to 2028, output is expected to continue declining with a forecasted CAGR of -1.43%, resulting in an overall decrease of 6.96% over five years. By 2028, the output is projected to be 174.49 thousand gigawatt hours.
Future trends to watch for:
- Impact of regulatory changes on gasoline production and consumption.
- Technological advancements in refinery processes and efficiency.
- Market shifts due to increasing adoption of electric vehicles and renewable energy sources.