Thursday, March 27, 2008

Sinopec, PetroChina deny rumor on oil price hike

Sinopec<600028><386> and PetroChina<601857><857>, the nation's top oil suppliers, denied the rumor that the price of refined oil will be raised in the near future, told by sources.

Spokesmen from both sides said on Mar. 24 that the rumors aggravated the shortage of refined oil in the domestic market. Since the price increase has significant influence on all aspects of society, it is necessary to make overall plans and take all factors into consideration, especially the price.

Both of companies agreed to ensure the supply of refined oil through transportation and regulation.

For the emerging queue of refueling in South China, they gave several reasons, including the rising demand for refined oil due to the economic growth, reconstruction after the snow hit, and peak oil consumption in spring plowing. The surging international crude oil price also caused retailers' hoarding.

It is reported that in the first two months of 2008, the domestic refined oil output rose by 10.5% year on year, and the storage of refined oil and diesel increased by 28% and 46% respectively from the beginning of 2008.

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