Sinopec will continue to encourage subsidiary refineries to produce more oil products in May, in a bid to guarantee the supply to the domestic market.
The oil giant set May ex-refinery prices of gasoline and gasoil beyond production targets at Yuan 9,610/mt and Yuan 9,094/mt, sharply up Yuan 1,130/mt and Yuan 1,464/mt, respectively, according to refinery sources.
Sinopec hiked ex-refinery prices of addition gasoline and gasoil by Yuan 800/mt and Yuan 1,114/mt, respectively in April, C1 reported earlier.
The oil major may prolong the policy in June, which is peak season for gasoline and gasoil demand, the sources expected. In addition, power supply shortage may boost gasoil demand, said the sources.
