China to closely monitor oil supplies
26 November 2007
China will begin monitoring fuel supplies more closely in order to ensure steady access in the future, AP reported. The commerce ministry announced this move amid a shrinking of fuel supplies caused by restrictions preventing pump price raises despite growing global oil prices. The new regulations call for scrutiny over reserves, distribution and pricing, ordering managers to prevent illegal stockpiling and price gouging. PetroChina's parent company, China National Petroleum Corp, announced last week it would import 750,000 barrels of diesel this month alone to ease
shortages. China imported 3.4 million barrels of diesel during the first nine months of 2007, a 46.5% increase from 2006. The commerce ministry said constant supplies of diesel fuel are needed to move products to ports for export.