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China Sees 2.3% Reduction In Refined Oil Output In December
Source: Xinhua |
January 3, 2009, Saturday
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Print Edition
Print Edition
CHINA refined 27.27 million tons of oil in December, down 2.3 percent from a year ago, as demand shrank and product inventories piled up, the top economic planner said in a Website statement on Wednesday.
In November, China processed 29.79 million tons of oil, up 7 percent year on year. Inventories at PetroChina and Sinopec, the two major oil refiners, hit record highs this month, the National Development and Reform Commission said. It didn't give details.
This month, the two companies cut pump prices nationwide, driving fuel prices below the national reference prices issued by the NDRC on December 18, which were 0.91 yuan (13 US cents) per liter of gas and 1.08 yuan per liter of diesel.
PetroChina further lowered pump prices for gas and diesel by 0.3 yuan and 0.5 yuan, respectively, on December 25. Sinopec planned a second round of price cuts in Shanghai on Thursday.
Both companies said their cuts were intended to boost sales around the lunar new year, usually a slow time for refined product sales.
In November, China processed 29.79 million tons of oil, up 7 percent year on year. Inventories at PetroChina and Sinopec, the two major oil refiners, hit record highs this month, the National Development and Reform Commission said. It didn't give details.
This month, the two companies cut pump prices nationwide, driving fuel prices below the national reference prices issued by the NDRC on December 18, which were 0.91 yuan (13 US cents) per liter of gas and 1.08 yuan per liter of diesel.
PetroChina further lowered pump prices for gas and diesel by 0.3 yuan and 0.5 yuan, respectively, on December 25. Sinopec planned a second round of price cuts in Shanghai on Thursday.
Both companies said their cuts were intended to boost sales around the lunar new year, usually a slow time for refined product sales.
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