China fuel activity (news story)

Submitted: Thursday, May 15, 2008 at 13:07
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BEIJING, May 15 (Reuters) - China raised gasoline imports to a record 139,099 tonnes in April, preliminary customs data showed on Thursday, barely remaining a net exporter as oil firms rushed to build up stocks, taking advantage of a tax break.
China exported 150,000 tonnes of gasoline last month, only a quarter of the 594,600 tonnes shipped overseas in the same month of 2007.
Exports for the first four months fell 80 percent to 440,000 tonnes compared with a year earlier, as firms diverted supplies to the domestic market, the data showed.
China also extended a diesel-buying spree started last year, with April imports at 520,000 tonnes, a surge from 30,400 tonnes a year ago but in line with traders' forecasts.
State-run oil duopoly Sinopec Corp and PetroChina , heeding a government call, have since this year been stockpiling refined fuel to weed out supply disruptions ahead of the August Olympics.
Beijing waived the 17 percent value-added tax for gasoline and diesel imports into the world's second-largest oil user.
However, imports of fuel oil, of which China is Asia's largest buyer, dropped as record global oil prices hit demand, and Beijing has not offered any tax breaks for that product.
April fuel oil imports were 2.18 million tonnes, down a quarter from a year earlier. Imports in the January-April period were down 13.5 percent at 7.41 million tonnes, the data showed.
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Reply By: Member - DAZA (QLD) - Thursday, May 15, 2008 at 18:52

Thursday, May 15, 2008 at 18:52
Gees, I thought I used a lot of fuel.

AnswerID: 303978

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