Profits of China's refinery industry totaled 13.4 billion yuan ($1.99 billion) in the first five months of 2011, down 58.7 percent year-on-year, the National Business Daily reported Friday, citing the National Development and Reform Commission (NDRC).

The NDRC said the industry's sales profit ratio was a mere 1.2 percent in that period.

In May alone, the industry net losses came to 3.1 billion yuan, according to the NDRC.

China National Petroleum Corp, China's largest oil producer, reported losses of 6.13 billion yuan in the first quarter of this year, according to the paper.

Sinopec Group, another Chinese oil giant, lost 576 million yuan during the same time period.

The NDRC raised diesel and petrol prices on April 6.