China last month increased gasoline imports to the highest in at least two years and boosted diesel purchases by 17 times from a year earlier to ease shortages.
Gasoline imports surged to 139,099 metric tons, the Beijing-based Customs General Administration of China said in an e-mailed statement yesterday. The country didn't import any of the fuel in March. Diesel imports rose to 520,000 tons from 30,000 tons a year earlier and 490,000 tons in March, as farmers prepared to plant crops, Bloomberg News said.
Chinese oil companies have increased fuel imports to counter shortages worsened by government caps on gasoline and diesel that discourage refiners from processing crude at a loss. The nation, previously a supplier of gasoline to the region, may become a net importer within months because of local shortages.
"It's very likely that the country will turn out to be a net importer of gasoline when demand peaks in summer," said Yao Daming, an oil analyst at Guangdong Oil & Gas Association. "Imports could be the most effective way to solve the domestic shortage."
China remained a net gasoline exporter last month after shipments to overseas buyers exceeded purchases by about 10,000 tons, less than a single cargo. Exports of the fuel jumped 76 percent to 150,000 tons in April, customs figures show.
PetroChina Co has suspended exports of oil products to meet "robust" domestic demand.
Last Updated(Beijing Time):2008-05-16 10:00
Source:Shanghai Daily