The consumption of gas oil and diesel oil in the UK’s chemical and petrochemical sectors is projected to steadily decrease from 2024 through 2028, starting at 3.56 thousand terajoules in 2024 and dropping each year to reach 3.41 thousand terajoules in 2028. This shows a consistent annual decrease. Compared to the prior year, the reduction signifies a slight but steady decline each successive year.
Key variations include:
- A projected decrease from 2024 to 2025 of approximately 1.12%.
- A gradual yearly reduction of around 0.85% from 2025 to 2026.
- The trend continues with a 0.86% decrease from 2026 to 2027.
- Finally, the consumption is expected to drop by about 1.16% from 2027 to 2028.
- The compound annual growth rate (CAGR) from 2024 to 2028 is approximately -0.85%, indicating a consistent decline in consumption.
The 2023 actual consumption figure stood at 3.60 thousand terajoules, indicating the commencement of this declining trend. Future trends to watch include the potential impact of regulatory changes aiming to reduce carbon emissions, shifts in global oil prices, and advancements in alternative energy sources, which could further influence consumption patterns in these sectors.
