Petroleum refiners have faced extremely tough market conditions over the past five years. Most refineries in the United Kingdom are geared towards petrol production, but demand for petrol continued to tail off considerably during the five-year period, leading to an oversupply in the industry. At the same time, crude oil prices were volatile. Higher input costs during periods of high prices and excess supply led to constrained industry profitability. As a result, some refineries closed while others had to work hard to find markets for their excess petrol. Many refineries are now changing their production focus in favour of diesel as the new primary fuel.
Petroleum refining is the process of turning crude oil into more usable products such as petrol. The major oil refineries manufacture petrol, diesel, jet fuel, gas oil and petroleum gas. The refining process also leads to the production of by-products such as naphtha, which can be used as a solvent. Companies in this industry also manufacture a wide range of petroleum-based products such as Vaseline, petroleum jelly, paraffin wax and white spirit.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.