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China's oil industry regulators are to launch a nationwide crackdown
on fuel wholesalers who sell to illegal service stations or fuel dealers.
The State Administration for Industry and Commerce (SAIC) announced
this week that a seven-month campaign, starting from May, would improve
fuel quality sold in the market place and prevent illegal
hoarding and profiteering.
A statement posted on the SAIC website said local bureaus would set
up a long-term monitoring mechanism for the refined oil market, which
would cover companies involved in wholesale, storage and retail.
With high international oil prices, major Chinese cities, including
Shanghai, Guangzhou and cities in Guangxi, Yunnan and Zhejiang,
suffered fuel shortages last month.
This has become a common factor in the industry witht the
international rise of fuel prices. PetrolWorld has been reporting
on a number of these cases over the last two years.
Illegal dealers and service stations are believed to have aggravated
the situation by hoarding oil and jacking up prices to drivers wanting
to avoid the long queues at licensed stations.
The supply tension eased a little as both the government and oil companies boosted market supply.
Oil refiners suffered heavy losses as the gap widened between steep
crude prices on the international market and the government-controlled
oil prices on domestic market.
Sinopec and PetroChina.
said they would receive "appropriate" monthly subsidies for losses
retroactive to April 1.
Meanwhile, as reported by PetrolWorld, the government announced last week tax rebates on some of
PetroChina and Sinopec's imported oil products in the second quarter.
PetrolWorld 210408
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