Petrol retailers going out of business as prices of electric vehicle drop

There are rising concerns in the global economy that petrol retailers will soon face go out of business as the prices of electric vehicles are being forecast to become cheaper than petrol cars in 2025.

The technology on electric vehicles is being advanced rapidly in Western countries, including China. The automobile electric technology is also expanded to the aviation and railway sectors, where aircraft and trains operating with electric energy are being developed.

Experts noted that the risk is that country’s relying on crude or refined petroleum products at the mainstay of their economies may go into extinction in the next three years if requisite reforms of economic transformation are not implemented within the period.

The development of the technology for electric vehicles is accelerating very fast in Europe and America, as well as China, leaving several countries, particularly, in Africa, behind as a few others struggle for catch up.