It is a hard time to be an oil refiner in China. As the cost of crude oil imports surges, Beijing caps domestic fuel prices. That means a squeeze on margins.
Some help has arrived. From Friday, retail gasoline prices were raised by 750 yuan ($118) a tonne, the biggest hike since the pricing system was introduced nearly a decade ago. That puts pump charges back at 2006 levels.
Tight restrictions are needed to control inflation. In Beijing, for example, retail gasoline reached a near-record high last week of around $1.40 per litre. Government policy typically delays price increases on retail gasoline and diesel when crude exceeds $80 a barrel. Beyond $130, retail fuel costs are effectively frozen.
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