Sinopec, PetroChina and CNOOC all pushed up gasoline wholesale prices in South China amid expected tightening supply, according to sources with sales branches subsidiary to the three oil refiners.
PetroChina Guangdong lifted rock bottom prices by Yuan 30-50/mt Wednesday, following Sinopec Guangdong, which suspended wholesaling of 93-Ron gasoline and raised quotations to wholesale ceiling of Yuan 9,924/mt on May 30. CNOOC also took similar measures early this week.
Sinopec halted outsourcing of blended gasoline from private traders and independent refineries while increasing purchases of national standard gasoline from PetroChina and CNOOC, which may tighten the supply from the latter two, market sources pointed out.
Gasoline wholesale prices in South China are forecast to hold stable to higher in June, propped up by expected tighter supply and rising summer demand, the sources predicted.
Blended gasoline market was bleak at present with prices on downtrend, a trader said.
