Convinced of imminent increases in the price of oil, some
Beijingers have rushed to local filling stations for gas
coupons.
China National Petrochemical Corporation (SINOPEC) issues gas
coupons that can be redeemed in the future at today's
prices.?
Local media reported that at some filling stations drivers
queued to buy coupons over the weekend after rumors of an impending
price jump.
"Oil prices on the international market have continued to rise
since early this month. According to common practice, domestic oil
prices will go up as well," Li Xuan, a motorist in Beijing, said
yesterday.
However, according to sources with the Beijing Municipal
Commission for Development and Reform, they have not received any
news of price changes from authorities and there will be no price
hike in the near future.
"It is unnecessary for local residents to swarm to buy coupons
for oil," an expert from SINOPEC told the Beijing Morning
Post whilst pointing out that the international oil price is a
price on paper, rather than a real price of gas.
It is speculation on the international market that pushes the
price of crude oil higher than its cost price, according to the
expert, who also predicted that it will decrease in the future.
SINOPEC expects to introduce a cleaner fuel onto the market that
will be 0.06 yuan (0.7 US cents) more expensive per liter than
ordinary gas.
Some Beijing residents have feared that they will not be able to
buy ordinary gas after the introduction of the clean fuel, but
sources within SINOPEC say customers will be able to choose between
different fuels.
(China Daily October 18, 2004)