03 May 2012 06:30 [Source: ICIS news]
SINGAPORE (ICIS)--China’s two largest refiners, Sinopec and PetroChina, have reduced their jet kerosene contract prices for May deliveries by yuan (CNY) 129/tonne ($20/tonne), sources from the two companies said on Thursday.
The refiners decided to cut their prices because jet kerosene prices in international markets fell in April, the sources added, without elaborating further.
From 1 May, Sinopec and PetroChina are charging CNY7,926/tonne and CNY7,916/tonne ex-refinery respectively for their jet fuel supplies to China National Aviation Fuel (CNAF), the sole jet fuel supplier to airlines in China.
The jet fuel price is adjusted on the first day of each month to reflect changes in the benchmarking mean prices in Singapore in the previous month.
($1 = CNY6.31)
Additional reporting by Amy Sun
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