- China's apparent oil demand grew 6.1% year on year in August, slower than the 8% growth in July, Credit Suisse said in its Asia Daily report. Gasoline demand deceleration continued in August, up 2.7% year on year, while diesel demand remained strong, up 4% year on year.
- China's petrochemical industry posted 6.6 trillion yuan in revenues and 221 billion yuan in gross profits in the first 7 months, up 9.9% and 43% respectively from the same period of 2012, the China Petrochemical Industry Association said. The sharp increase in profits was attributed to the refining business turning around from losses due to higher fuel prices.
- China is ramping up its crude oil imports from Iran at a faster pace, CRI Online reported, citing customs figures. China imported 436,296 barrels of crude oil per day from in August, up 17.5% from a year earlier. Between January and August China's imports of Iranian crude oil rose to 14.1 million tons, or 420,000 barrels per day. China's crude oil imports are projected to hit 300 million tons in 2013, which accounts for 60% of the nation's consumption.
- The National Development and Reform Commission said it will raise prices for higher quality fuels to encourage energy producers to increase output of cleaner fuels. Prices of gasoline and diesel meeting the national IV standards will be raised by 290 yuan and 370 yuan per ton respectively in the next 2 years, and the prices of gasoline and diesel meeting the higher national V standards will be raised by 170 yuan and 160 yuan per ton respectively, which will come into effect by the end of 2017.
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