Fuel sales at China’s two biggest retailers, PetroChina Co. and Sinopec, have dropped more than 5% since the start of July, according to people familiar with the matter, who asked not to be named because the information isn’t public.
It’s a time of year when sales and prices of motor fuel usually rise, but people are opting instead for alternative modes of transport, including cheaper rail journeys.
This summer has also been marked by extreme weather across the country, from scorching heat to torrential rains, which may have kept people from taking long trips in their vehicles. And those that do travel under their own steam are increasingly likely to do so in electric cars.
The rail network has carried 605 million passengers since the start of July, 6.1% more than last year, according to figures from China Railway Group.
That raises demand for cabs once travelers reach their destination. Ride-hailing giant Didi Global Inc., which is ubiquitous across China, has a fleet that is predominantly electric
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