Chinese firms hike base oil prices

China’s two oil giants, China National Petroleum Corp. (CNPC) and China Petroleum and Chemical Corp. (Sinopec Group) will raise the price of base oils, a raw material used in producing lubricating oil, according to the National Business Daily. CNPC, parent of PetroChina, will raise base oil prices by 200-300 yuan (US$29-US$43) per metric ton at the end of April while the Sinopec Group, parent company of Sinopec Corp. will raise prices by 370-600 yuan (US$54-US$87) per metric ton. Refinery prices of their affiliated plants will be raised accordingly. (April 29, 2010)