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  1. Mainland refiners receive earnings boost from adjusted fuel prices

    Posted Mar 26th 2009, 12:00am by Eric Ng

    ... yuan per tonne and diesel by 160 yuan after sharp falls in crude prices. New York oil futures jumped to US$53.98 per barrel on Tuesday from US$35.40 on January 15. After the latest price rise, the maximum allowed retail petrol price in Beijing is 6,930 yuan, 4.4 per cent higher than before, and that of diesel is 6,260 yuan, 2.6 per cent higher. Prices vary across regions. A spokesman said ...

  2. Higher fuel prices and tax slow car sales growth

    Posted Aug 09th 2006, 12:00am by Kandy Wong

    ... Kandy Wong Mainland passenger car sales decelerated to their slowest monthly growth for the year due to high petrol prices and the impact of the enlarged consumption tax, the China ... to Morgan Stanley yesterday. Especially hit were sales of sport-utility vehicles (SUVs), which slid 28 per cent year on year after a 9.6 per cent petrol price rise Beijing imposed in May. Also ...

  3. Fuel price rise doubtful despite huge losses at mainland refiners

    Posted Apr 08th 2008, 12:00am by Eric Ng

    ... Eric Ng Beijing is considering various ways to relieve domestic oil firms' growing refining losses, although a fuel price rise is unlikely in the short term, according to the head of China Petroleum & Chemical Corp (Sinopec), Asia's largest oil refiner. 'There is major uncertainty as to whether the government will raise fuel prices to reduce refining losses, ...

  4. Price controls, tax crimp profit at oil leaders

    Posted Apr 29th 2008, 12:00am by Eric Ng

    ... Eric Ng PetroChina posted a 31.5 per cent fall in first-quarter profit as tight government controls on fuel prices and high production tax crimped the nation's largest oil and gas producer's profitability despite rising oil prices. Net profit fell to 28.89 billion yuan (HK$32.11 billion) from 42.14 billion yuan a year ago. The results were higher than Goldman Sachs' ...

  5. Gas chief indicates no price rise this year

    Posted Mar 01st 2008, 12:00am by Staff Reporter

    ... Hong Kong and China Gas (Towngas) chairman Lee Shau Kee yesterday hinted that gas prices would not increase this year despite rising inflation. But the tycoon said there had been no increase in gas prices for 10 years and this situation could not continue forever. 'The government do not want us to increase the prices but if you just increase them by just 1 or 2 per cent, ...

  6. Oil majors told to play fair with smaller rivals

    Posted Aug 07th 2007, 12:00am by Eric Ng

    ... supply for their own petrol stations amid surging summer demand for motor fuel. The claim was denied by the oil giants. The oil majors were also said to have raised wholesale prices to near state-stipulated retail prices, making it unprofitable for independent resellers to trade. The big two, which control 85 per cent of the nation's refining capacity and 66 per cent of the fuel retail ...

  7. Oil tax increases as Beijing claims a share of fat profits

    Posted Aug 10th 2005, 12:00am by Eric Ng

    ... exporters, as crude prices continue their seemingly inexorable ascent through record highs. The State Administration of Taxation said resource taxes levied on PetroChina and China Petroleum & ... to 22 yuan per tonne from 14 yuan. The tax increases will not affect downstream fuel prices, which are centrally regulated in China, and the added costs will be absorbed by primary producers. ...

  8. Sinopec misses target on refining throughput

    Posted Jan 22nd 2008, 12:00am by Eric Ng

    ... Eric Ng Last year saw 0.3pc gap despite diesel shortage China Petroleum and Chemical Corp (Sinopec), Asia's biggest oil refiner, missed its overall refining throughput target by 0.3 per cent last year despite widespread diesel shortages in the fourth quarter. Sinopec's refining throughput grew 6.33 per cent to 155.58 million tonnes last year compared with its target ...

  9. Beijing cuts guidance prices for petrol, diesel

    Posted Jan 15th 2009, 12:00am by Eric Ng

    ... for reductions. The guidance petrol price was lowered by 140 yuan (HK$158.75) a tonne and diesel by 160 yuan a tonne at midnight, the National Development and Reform Commission said. 'Recent ... Hence the latest price cut.' At the pump, the price has been cut by 10 fen or 2.27 per cent to 4.31 yuan per litre for petrol, and by 14 fen or 3 per cent to 4.52 yuan per litre for diesel ...

  10. 300 commercial drivers in protest to demand an end to diesel tax

    Posted Aug 23rd 2006, 12:00am by Staff Reporter

    ... Kathryn Hu About 300 cargo trucks, tour buses, minibuses and taxis massed across Hong Kong yesterday in a protest aimed at persuading the government to scrap a tax on diesel amid rising oil prices. About 100 vehicles stopped in Central for five minutes at 1pm, while others circled Kwai Chung and Lok Ma Chau, where drivers honked their horns to make their point. 'We ...




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