Run rates of independent refineries in Shandong Province averaged 28.95% on Thursday, below 30% for the first time of the year, according to C1 research.
The run rate slipped by 1.18 percentage points from a week ago and down by 11.5 percentage points from the like period last year, C1 research showed.
Market sources ascribed the on-week drop to oil product inventory pressures and deep refining losses.
The Shandong oil product market recorded sluggish sentiment recently amid price cut expectations, the sources said.
Twenty-one independent refineries in Shandong were in operations as of Thursday, with daily throughput down by 2,400mt to 59,100mt, according to C1 research.
C1 research involves in 32 independent refineries, with annual oil refining capacities aggregating 67.35-mil mt, accounting for 91% of the total topping refinery of Shandong independent refineries.
