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Beijing offers subsidy for refineries if reference crude price exceeds $130/b

June 30, 2022 Comments Off

China will subsidize refineries if its reference basket of crude prices rise over $130/b, a move to sustain gasoline and gasoil production to ensure domestic supplies under its current oil product pricing mechanism, according to a government notice released June 29. The notice stated that the government will cover the subsidy for two months. This suggests that Beijing has estimated…