China's 2 oil giants raise refined oil prices
(Xinhua)
Updated: 2004-06-10 11:02

China's two oil giants, CNPC and Sinopec, have both raised their ex-factory prices of refined oil, as the international oil price has kept high for one month.

A source from the Beijing branch of Sinopec said that its price of gasoline rose by 100 yuan (US$12.08) per ton, and the price hike of diesel oil per ton was slightly lower than gasoline in the capital Beijing.

A source from CNPC revealed that its headquarters had notified every branch of the company to raise the gasoline price by 100 yuan per ton and diesel oil price by 60 yuan (US$7.25) per ton.

Feng Fei, vice-director of Research Department of Industrial Economy under Development Research Center of State Council, said the price hike of refined oil is predictable, as China's oil producers normally consult oil prices in Singapore, New York and Rotterdam markets in determining the prices of their products and the price fluctuation always had a one-month delay.

"However the retail price of gasoline is also partially controlled by the government. So far, it is still hard to say if the retail price of gasoline will rise again," said Feng.

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