The Future of Fuel

The group acknowledged that Electric Vehicles (EVs) will continue to be a topic of discussion for the foreseeable future. Refiners are keeping a watchful eye on developments in the automotive sector, but the potential impact on fuel requirements is still far from clear. We were reminded that as a percentage, the number of EVs on the road globally is still negligible, and largely restricted to more developed areas of the world. Furthermore, there are compelling arguments to suggest that the effective modernisation of the Internal Combustion Engine, or the development of alternative gasoline-based engines, may render EVs less competitive than previously forecast. However, the Board cautioned against complacency, reminding us that the boom in traditional cars took the world by storm in under 20 years in the early 20th century. Perhaps the rise of EVs could be equally sudden?