Chinese spot gasoline and diesel prices are unusually strong, suggesting Covid-19 lockdowns may have a smaller efect on demand than expected. Fuel retailers are rushing to restock gasoline after a ban on heavy goods vehicles using expressways prevented many from doing so during the Spring Festival, and because the govern- ment is likely to raise gasoline prices in response to spiking crude futures. Trading frms are, similarly, rushing to build diesel inventories ahead of the spring construction season.
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