China responds to Guangdong price jump

Aug. 23, 2005
The Chinese government has taken "urgent measures" to correct problems of oil product supply in Guangdong Province, an official of the National Development and Reform Commission told state media.

Eric Watkins
Senior Correspondent

LOS ANGELES, Aug. 22 -- The Chinese government has taken "urgent measures" to correct problems of oil product supply in Guangdong Province, an official of the National Development and Reform Commission (NDRC) told state media.

Since late July, product prices at some retail stations in the southern province have risen by more than 8% and exceeded limits set by the NDRC.

China Petroleum & Chemical Corp. and China National Petroleum Corp. have delivered 80,000-90,000 tonnes/day of product to Guangdong since Aug. 16.

The NDRC official attributed the product crunch to natural disasters and the international rise in oil prices.

Contact Eric Watkins at [email protected].