Chinese Ministry of Commerce (MOC) on Saturday urged local
commerce bureaus to set up and improve early warning system amid
efforts to stabilize domestic oil supplies.
Many filling stations across the country are experiencing
shortages.
Experts have said that the government should reform the oil
pricing mechanism to reflect international levels and allow oil
firms to transfer the cost to customers.
The MOC ordered local commerce authorities to closely monitor
the oil market and set up and improve early warning system to
tackle emergency fuel shortages.
The commerce bureaus should urge local refineries to increase
and rationally distribute fuel supplies, the MOC said in a
notice.
The MOC called on China National Petroleum Corporation (CNPC)
and China Petrochemical Corporation (Sinopec Group), the nation's
two largest oil producers, to go all out to ensure the fuel
supplies.
The fuel shortages have been eased to some extent after the
price hikes early this month, but many regions still face tight
diesel supply, according to the notice.
China raised the prices of gasoline, diesel and aviation
kerosene by 500 yuan (US$67.6) per ton, almost a 10 percent rise,
starting from November 1.
(Xinhua News Agency November 25, 2007)
