皇冠体育app

Despite the recent slump in oil prices in the international market, the price of refined oil is still lower in 皇冠体育app than elsewhere in the world, according to Jiang Jiemin, general manager of the 皇冠体育app National Petroleum Corporation (CNPC).

Related readings:  皇冠体育app lowers gasoline price  皇冠体育app cuts refined oil prices  皇冠体育app to open refined oil wholesale to foreign capital

In December 2006, the domestic prices of gasoline and diesel oil were 5,200 yuan (US$667) per ton and 4,570 yuan per ton, while in Singapore prices were 5,509 yuan and 5,352 yuan respectively, Jiang said.

Government policy prevents the domestic price of refined oil from fluctuating in line with the international market, said Wang Tianpu, president of 皇冠体育app Petroleum and Chemical Corporation (Sinopec), 皇冠体育app's largest oil processor.

Wang claimed that the huge profits of Chinese petroleum giants in recent years were due to better internal management rather than the rocketing oil price.

Operating costs at Sinopec had decreased by 10 billion yuan annually, he said.

To ensure stable oil supplies in 皇冠体育app, oil refineries suffered huge losses from pegged prices of refined oil while the international price soared, he said.
 
CNPC hands over one third of its profit to the government as tax, Jiang said.

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