China’s major refiners see margins fall on lower product prices

19 December 2012 11:08  [Source: ICIS news]

SINGAPORE (ICIS)--The refining margins of major Chinese refiners declined in the past two weeks because liquefied petroleum gas (LPG) prices fell, 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) 192/tonne ($4.22/bbl) on 19 December, versus minus CNY173 two weeks ago.

The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY123/tonne, a drop of CNY53/tonne from two weeks earlier.

The wholesale prices of refined products from Daqing crude and Oman crude declined by 0.32% and 0.85% respectively, mainly because of 10-15% falls in LPG prices in the period, the data showed.

The prices of Daqing crude and Oman crude were unchanged at CNY5,727/tonne and $111.06/bbl, the data also showed.

Refining margin is the difference between crude prices and sales revenue.

($1 = CNY6.24)

By: Amy Sun
+65 6780 4359

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