Sinopec Says China Needs to Revise Fuel Prices More Frequently
China Petroleum & Chemical Corp., the nation’s largest refiner, said revising the country’s fuel prices more frequently than the current 22 days would curb speculation that leads to hoarding of gasoline and diesel.Source:ECF Time:08 Feb 2010
China Petroleum & Chemical Corp., the nation’s largest refiner, said revising the country’s fuel prices more frequently than the current 22 days would curb speculation that leads to hoarding of gasoline and diesel.
The government is considering a proposal from refiners including China Petroleum, also known as Sinopec, to review the current rule of altering gasoline and diesel prices when crude oil changes more than 4 percent over 22 days, said a company official, who declined to be identified because he isn’t authorized to speak to the media.
The government may change the period or revise the formula to better reflect local fuel demand and supply, China National Radio said Jan. 28, citing Zhou Wangjun, a deputy director in charge of pricing at the National Development and Reform Commission. No further details were provided in the report.
Li Pumin, a Beijing-based spokesman at the commission, the country’s top economic policy planning agency, didn’t answer calls to his office today.
China experienced temporary fuel shortages last year as demand rose and some retailers hoarded oil products on speculation the government would raise prices, Xinhua News Agency reported in May.
China, the world’s second-biggest oil user, increased prices of gasoline and diesel by as much as 8 percent on Nov. 10, the eighth adjustment in 2009. Refiners led by Sinopec and PetroChina Co. have benefited from the fuel pricing mechanism, which also takes into account taxes and their profit, the commission said in August
The government is considering a proposal from refiners including China Petroleum, also known as Sinopec, to review the current rule of altering gasoline and diesel prices when crude oil changes more than 4 percent over 22 days, said a company official, who declined to be identified because he isn’t authorized to speak to the media.
The government may change the period or revise the formula to better reflect local fuel demand and supply, China National Radio said Jan. 28, citing Zhou Wangjun, a deputy director in charge of pricing at the National Development and Reform Commission. No further details were provided in the report.
Li Pumin, a Beijing-based spokesman at the commission, the country’s top economic policy planning agency, didn’t answer calls to his office today.
China experienced temporary fuel shortages last year as demand rose and some retailers hoarded oil products on speculation the government would raise prices, Xinhua News Agency reported in May.
China, the world’s second-biggest oil user, increased prices of gasoline and diesel by as much as 8 percent on Nov. 10, the eighth adjustment in 2009. Refiners led by Sinopec and PetroChina Co. have benefited from the fuel pricing mechanism, which also takes into account taxes and their profit, the commission said in August