China National Petroleum Corp (CNPC) and China Petroleum &Chemical Corporation (Sinopec), the country’s leading oil and gas producers, began to heat up wholesale prices of refined oil following the rebound of crude oil prices in the international marketplace.
Between Feb. 20 and Feb. 22, wholesale prices of diesel and gasoline rose more than 100 yuan ($14.64) [...]
China has begun work on a 3-million-cubic-meter oil reserve base in Gansu Province.
The strategic oil stockpiling project, in Lanzhou, costs 2.38 billion yuan (US$348.6 million) and is expected to come into operation in the first half of 2011, China National Petroleum Corp said yesterday.
“Building the state oil reserve bases is conducive to avert oil supply [...]
Oil prices rose after the world’s biggest oil producers yesterday opted to leave production volumes unchanged, a decision that could mean short-term stability for energy prices after a volatile year.
Benchmark crude for February delivery rose 68 cents to settle at US$74.40 a barrel on the New York Mercantile Exchange, after dropping to US$72.72 earlier in [...]
Situ Yu, a 28-year-old Beijing resident, often chooses public transportation nowadays, although she bought a Ford Focus in 2007.
“The gasoline price is so expensive now. I have to tighten my belt,” she said, adding that she has to pay around 1,000 yuan ($146.5) to buy fuel every month.
“The price was going up too quickly this [...]
Oil prices fell for the ninth straight day yesterday, dipping below US$68 per barrel on persistent concerns about high inventories and weak demand.
Benchmark crude for January delivery fell 36 cents to settle at US$69.51 on the New York Mercantile Exchange after falling as low as US$68.59 earlier in the trading session.
The supply of crude has [...]
Passengers flying on domestic routes will start to pay fuel surcharges from today as some Chinese airlines begin to impose them after the nation’s top planner introduced a mechanism that links the fees to fuel costs.
The carriers, including China Eastern Airlines, Shanghai Airlines, China Southern Airlines and Hainan Airlines, said yesterday they will charge 50 [...]
