The Volkswagen diesel emissions scandal could benefit gasoline refineries.
That’s according to rating agency Fitch, which said buyers were more likely to now choose gasoline vehicles following the lower demand for diesel cars.
Higher sales of gasoline cars in Europe could be positive for the region’s refineries, especially those with less complex assets, it added.
On the other hand, if there is a switch to gasoline, it would affect Russia’s refineries as most of their exported diesel goes to Europe.
It said: “It is too early to assess the full implications of the Volkswagen emissions test scandal but one near-term effect could be a shift back towards gasoline engines in Europe due to changing consumer preferences and potentially new emission limits and tests from European authorities.”
Volkswagen revealed almost 1.2 million cars in the UK are affected by its diesel emissions scandal.