On Sunday, China’s National Food and Strategic Reserves Administration announced the release of gasoline and diesel reserves to rise market supply and push up price stability in some regions.
The current development in the domestic oil product market required the release of the reserves so that the supply and demand situation could be more favorable for the country.
On a related note, China’s biggest oil refiner Sinopec Corp. announced its plans to maximize the domestic refining capacity in November. The company has also announced that it would spur diesel supply by 29% year-on-year to safeguard the stocks in filling stations.
