Price of the diesel up
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With China National Petroleum Corp (CNPC) and China Petroleum & Chemical Corporation (Sinopec), the two Chinese oil giants in command, the price of the diesel oil in many ares of the country has hit the highest limits for wholesale prices, with prices in some areas like Jiangxi and Anhui provinces and Shenzhen exceeding the top.
The above is according to a monitor report Monday by Chem99, an information provider on many chemical industries like fuel, oil and rubber.
With international oil prices at $80 a barrel, and the move by the National Development and Reform Commission (NDRC) to lower retail prices shut down, the two oil producers began to raise wholesale prices, according to media reports.
To analysts, the phenomenon is caused by the tight supply, which has mainly been caused by pipe explosions in Dalian and floods in the Yangtze River that have blocked transportation throughout the country. Another factor is the decision by some refineries to decrease output. Information from oil.cbichina.com showed that oil supply in many areas of the country like Hunan and Hubei provinces, Beijing, Shanghia and Fujian is at shortage.
