20 March 2013 09:47 [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, 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) 96/tonne (or minus $2.10/bbl) on 20 March, versus minus CNY87/tonne (or minus $1.89/bbl) two weeks ago.
The gross margins for refining Oman crude, a representative of foreign crude, averaged at CNY209/tonne (or $4.59/bbl), a fall of CNY18/tonne (or $0.40/bbl) from two weeks earlier.
The wholesale prices of refined products from Daqing crude and Oman crude declined by 0.16% and 0.28% respectively because of a 3-4% drop in LPG wholesale prices, according to data from C1 Energy, an ICIS service in China.
The March settlement price of Daqing crude was unchanged at CNY5,949/tonne, and the February average CFR price of Oman crude was flat at $113.54/bbl, the data showed.
Refining margin is the difference between crude prices and sales revenue.($1 = CNY6.22)
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