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NDRC: Oil refiners face losses as costs surging

04-07-2011 10:29 BJT

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Consumer reaction in China to soaring oil prices has been directed to the nation's largest oil refiners - Sinopec and Petrochina. Online web users, or netizens, claim the two giants were earning hundreds of billions of yuan on higher oil prices, and ripping off fuel consumers.

But China's top economic planner says not so.... the refiners have actually seen huge losses, to the tune of 10 billion yuan, as their costs have also surged. The NDRC says the oil refining industry boasts high risks and large investments, so it cannot survive without a certain profit margin.

The commission also says the two giants are responsible for 90 percent of China's oil supply... so if the price hike was delayed, China could face a new round of fuel shortages.

 

Editor:Zheng Limin |Source: CNTV.CN

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