As oil prices again make gains in the international market, China is under pressure to lift its oil price. It is reported that Chinese oil refining businesses are hit by bigger losses due to increasing international oil prices. Pressed by Chinese oil giants like PetroChina Company Limited (PetroChina) and China Petroleum & Chemical Corporation (Sinopec), the National Development and Reform Commission (NDRC) is making new plans to raise oil prices. Policies on fuel tax are likely to come out with the issuance of the plan, tentatively scheduled for October.
For more details, please read the full story in Chinese (http://www.dfdaily.com/node2/node27/node119/userobject1ai14409.shtml)
(China.org.cn July 9, 2007)
