31 January 2013 07:19 [Source: ICIS news]
SINGAPORE (ICIS)--The refining margins of major Chinese refiners declined in the past two weeks as liquefied petroleum gas (LPG) wholesale prices fell remarkably, ICIS data showed on Thursday.
Based on the integrated ex-refinery prices of oil products, the margins for refining Daqing crude averaged at minus yuan (CNY) 107/tonne (or minus $2.35/bbl) on 30 January, versus minus CNY88 (or minus $1.93/bbl) on 16 January.
The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY144/tonne (or $3.19/bbl), a fall of CNY56/tonne (or $1.23/bbl) from two weeks earlier.
The wholesale prices of refined products from Daqing crude and Oman crude declined by 0.3% and 0.9% respectively, pulled down by lower LPG prices, according to data from C1 Energy, an ICIS service in China.
The price of Daqing crude was unchanged at CNY5,705/tonne while the CFR price of Oman crude was at $110.28/bbl, the data also showed.
Refining margin is the difference between crude prices and sales revenue.
($1 = CNY6.22)
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