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Monday, August 15, 2005

China Has Refining Problems, too: Rations Gasoline And Diesel Fuel

Headline China Rationing Gasoline And Diesel Fuel
China National Petroleum officials said soaring oil prices and a refinery-imposed supply crunch led to a shortage in the consumer market. China's growing energy consumption is also a factor.

"Asia's largest oil refiner Sinopec relies on imports for much of its crude for refining, so the surging crude prices on the world market have greatly hurt the oil giant's refining business, when the central government still controls the price of domestic refined oil to stabilize the market," a CNPC official was quoted by the China Daily.
Hat tip: Econbrowser.

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