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Gov't releases oil for sale

10-21-2010 13:58 BJT

More than 240 companies participated in a government online auction of 300,000 tons of reserved oil. This took place in the National Grain Trade Center in Hefei, Anhui province. The deal was that shortly after the auction, the wholesale buyers had to guarantee the oil would be put back on the market, for general consumers.

Li lirong, Oil Company Manager of Anhui Province said "I think that the government choosing this time to auction the oil, will play a key role on stabilizing cooking oil prices."

Xu Weibin, Deputy Director of Anhui Food Bureau said "Hoarding and profiteering is useless, because the government inventory is abundant. The oil price is relatively stable now. It is reasonable for the price to fluctuate in a narrow range over a certain period of time."

Editor:Xiong Qu |Source: CNTV.CN

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