Energy
China to crack down on illegal oil sales
Updated: 2011-05-06 13:50
(Xinhua)
BEIJING - China's Ministry of Commerce said Friday that it has asked local departments to crack down on illegal oil sales, compulsory tie-in sales and overcharging, as seasonal demand for oil will increase as summer arrives.
The ministry said in a notice that some oil sellers have violated laws and regulations, hurt consumer interests and disturbed market order. Local authorities should enforce market admittance and ban illegal trading to ensure a safe and orderly market environment, the notice said.
Related readings:
Serious measures will be taken to find and punish sellers who dilute oil with other substances such as ethanol and methanol, the notice said.
Oil giant under new fire for extravagance
Oil price hike leads some to pumps, others to bikes
PetroChina to boost April oil processing by 15%
The notice also requires local departments to ensure ample market supplies and avoid shortages.
Oil prices fell below $109 per barrel on Thursday, extending a weeklong sell-off amid concerns that slower economic growth in the US will undermine demand for crude oil.
According to China's oil price-fixing mechanism, which was updated in 2009, domestic oil prices can change after international crude prices rise or fall by more than 4 percent over 22 working days.
Specials
Sino-US Dialogue
China and the US hold the third round of the Strategic and Economic Dialogue from May 9-10 in Washington.
New wave
Coastal city banks on marine sector to ride next stage of economic development
V-Day parade
A military parade marking the 66th anniversary of the Soviet victory over Nazi.