No application for oil products price hike from CNPC, Sinopec, official

China's price regulator National Development and Reform Commission (NDRC) so far does not receive any application for raising product oil prices from the country's two oil giants CNPC and Sinopec, said Bi Jingquan, vice-minister of NDRC, said Tuesday.

There were media reports earlier saying the two oil giants had submitted applications to the NDRC for raising product oil prices following hikes of international crude oil prices.

Bi also said that the two companies made more profits year on year in the January-July period as they were profitable from domestically produced crude and product oil selling and the international crude price was at a relatively low level before March.

He also said the domestic product oil market demand and supply are generally balanced and the market was quite stable.