In case you thought you were the only one with troubles at the pump …
Gas stations in parts of China are rationing and even halting diesel sales amid a fuel shortage triggered by a widening gap between the soaring cost of crude oil and government-controlled retail prices, the financial chief of China’s biggest refiner said Tuesday.
“Oil prices are rising but (domestic) oil product prices are kept low by the government. The impact on our refining operations is quite big,” Dai Houliang, chief financial officer at China Petroleum & Chemical Corp., or Sinopec, said in a teleconference in Hong Kong to discuss the company’s third-quarter results.
Dai said that overall supplies in China were still stable, but that some areas might experience shortages. He blamed rising demand as well as bad weather, which was preventing supplies getting to some areas.
“We will try the best to ensure a stable supply of fuel in the market, but it’s a big challenge for us,” he said.
Full article here.