China Petroleum &Chemical Corporation (Sinopec Corp.), the world’s largest oil refiner, will step up diesel production in November to bridge a supply gap.
The company has asked refineries to run at full tilt to increase the diesel supply by 29 percent compared with the level of last year. In October, the company’s diesel output is expected to rise 20 percent from the average level in the first nine months of this year.
In the face of tight diesel supply since September, Sinopec has been paying close attention to the trend of the refined oil market and adjusted its operation arrangements to increase diesel output, said Lyu Dapeng, spokesperson for the company.
China on Saturday raised the retail prices of gasoline and diesel by 300 yuan (about 47 U.S. dollars) and 290 yuan per tonne, respectively.