Sinopec raises prices to offset record crude costs

EU

Sinopec, China's largest crude refiner raised prices of some of its oil products over the last weekends to offset record international crude costs.

Prices of petroleum coke, olefin and sulfur, which are outside government control have been lifted by $14.08 per ton. Further hikes are expected by the end of March.

Diesel wholesale prices in Beijing have increased 300 yuan ($42.3) per ton since the end of February, the Beijing News reported.

Sources with the company said the price adjustment is in line with global price trends, and the company has moved to cut operational costs to ensure domestic oil product supply.

International crude prices hit a record $111.1 per barrel during Monday trading at lunchtime in London, up 20% from February.

Earlier this March, China's economic planning agency, the National Development and Reform Commission (NDRC), urged refined oil sellers not to raise prices amid global oil price rises, in a bid to curb rising inflation pressure.

The price of crude oil in China is set by the global market, but the refined prices of some oil products are still regulated by the government.

Last week, the company denied a report that it would probably suffer losses in the first two quarters due to high crude prices.

Refining business undoubtedly lost money, but that was not the case for the whole company, sources with the company told 21st Century Business Herald.

The company will clarify the losses in a formal statement and take serious measures if real losses occur, sources with the company told the Beijing News. (Xinhua)

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