Chinese producers adjust base oil prices

PetroChina Lubricant is expected to raise the price of Kunlun-branded lubricants by five percent, following a recent base oil price hike of 500 yuan (US$76.40)/metric ton by parent PetroChina Co. Ltd. Meanwhile, Sinopec Corp. is also expected to raise base oil prices by 520 yuan (US$79.51)/metric ton this month; consequently, Sinopec Lubricant Co. is expected to raise the price of Great Wall-branded lubricants. Sinopec and PetroChina both have increased base oil prices three to four times since January. (April 7,2011)