Due to the measures taken by the Chinese government to ensure oil product supplies, many regions, such as Shandong and Shaanxi, have seen wholesale oil prices fall substantially. To date the biggest decline amounts to 100 yuan per ton.
Sources inside the China National Petroleum Corporation (CNPC) said that in order to ease tight supplies in the market, the company, albeit suffering great losses, has increased oil imports and at the same time ordered its refineries to go into production at top gear. From November 24, the CNPC has provided first-tier cities with unlimited supplies of oil products.
For more details, please read the full story in Chinese. (http://www.jjxww.com/show.aspx?id=55614&cid=131)
(China.org.cn December 4, 2007)
