World’s biggest car market, China has concluded plans to ban the production and sale of diesel and petrol vehicles.
This has further threatened the future profitability of oil, which is Nigeria’s major revenue source.
The development is coming two months after the UK, like Germany, France, India, Norway and Netherlands, announced plans to take out fuel-run cars, as part of efforts to reduce air pollution.
The ban will lead to a reduction of oil demand in China, as the country is currently the world’s second-largest oil consumer after the US.
Xin Guobin, China’s vice industry minister, said it had started “relevant research” but that it had not yet decided when the ban would come into force, BBC reports.
“Those measures will certainly bring profound changes for our car industry’s development,” Guobin told Xinhua, China’s official news agency.
Reports say China made 28 million cars last year, almost a third of the world’s total production.
Geely, Volvo’s Chinese owner, aims to sell one million electric cars by 2025.
Other global car firms including Renault-Nissan, Ford, and General Motors are all working to develop electric cars in China.
Comments