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.Hat tip: Econbrowser.
"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.
Monday, August 15, 2005
Headline China Rationing Gasoline And Diesel Fuel