21 November 2012 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--Refining margins of major Chinese refiners deteriorated from two weeks ago because of lower prices of gasoline and diesel, ICIS data showed on Wednesday.
Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 296/tonne (or minus $6.44/bbl) on 21 November, versus minus CNY99 (or minus $2.16/bbl) from two weeks ago, according to ICIS.
Gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY174/tonne (or $3.84/bbl) on Wednesday.
Wholesale prices of refined products from Daqing crude and Oman crude declined by about 3%, following cuts on prices of gasoline and diesel, according to data from C1 Energy, an ICIS service in China.
Prices of gasoline and diesel were reduced by CNY310/tonne and CNY300/tonne, respectively, from 16 November.
Refiners’ settlements of Daqing and Oman crude were unchanged at CNY5,875/tonne and $111.88/bbl in the two-week period, the data also showed.
Refining margin is the difference between crude prices and sales revenue.
($1 = €0.78 / $1 = CNY6.24)
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