Chinese refiners adjust runs as demand slows

China refined 27.27 million tons of crude oil in December 2008, down 2.3% year-on-year, as demand shrank and product inventories piled up. Inventories at major oil refiners PetroChina and Sinopec hit record highs, the National Development and Reform Commission (NDRC) said. The two companies reduced pump prices nationwide, driving fuel prices below the national reference prices issued by the NDRC on December 18, which were 0.91 yuan (US$0.13) per liter of gasoline and 1.08 yuan (US$0.15) per liter of diesel fuel. Both organizations said their cuts were intended to boost sales around the Chinese Lunar New Year, usually a slow time for refined product sales. (January 1, 2009)