Independent refineries in Shandong Province have largely suspended their quotations of gasoil since last weekend due to stronger price surveillance carried out by the government, a survey found.
Of the 34 refineries survey, only four still quoted gasoil at the moment.
As of Nov 8, gasoil quotations from the independent refineries were Yuan 8,000-8,100/mt, roaring nearly Yuan 1,000/mt from a month earlier, Yuan 850-950/mt higher than the ceiling price set by the government.
Gasoil wholesale prices were surging nationwide recently as supply tension worsened, market sources denoted.
"The government attached more importance to price supervision, which was initiated by the National Development & Reform Commission and executed by the local price bureaus," said a source with a state-owned trader.
It was the first time that so many independent refineries in Shandong halted gasoil quotations.
Of the 34 refineries survey, only four still quoted gasoil at the moment.
As of Nov 8, gasoil quotations from the independent refineries were Yuan 8,000-8,100/mt, roaring nearly Yuan 1,000/mt from a month earlier, Yuan 850-950/mt higher than the ceiling price set by the government.
Gasoil wholesale prices were surging nationwide recently as supply tension worsened, market sources denoted.
"The government attached more importance to price supervision, which was initiated by the National Development & Reform Commission and executed by the local price bureaus," said a source with a state-owned trader.
It was the first time that so many independent refineries in Shandong halted gasoil quotations.
