Prices of imported crude oil plummeted last month in Tianjin port, a major seaport in China.
Figures from Tianjin Customs indicated that in May, the prices of imported oil averaged US$193.05 per ton, down US$66 on average compared with March.
The March oil price hike was mainly attributable to the war in Iraq, pushing prices up 35.8 percent over the same period last year.
The end of the war brought prices down gradually, and by May, the prices had dived 7.18 percent lower than the corresponding period last year.
The figures also indicated that in the first five months, 634,000 tons of oil were imported through the port, up 32.8 more than the same period last year.
The oil was mainly imported from Norway, Sudan and Indonesia.
(Xinhua News Agency June 30, 2003)
