13 May '11, 5am

China suspends diesel exports amid inflation fears

China suspends diesel exports amid inflation fears

BEIJING: China has halted diesel shipments and restricted exports of refined oil products, in a bid to ensure domestic supply and stabilise fuel costs amid surging inflation in the country. The National Development and Reform Commission said in a statement that exports of refined oil products would be "strictly controlled" and those of diesel temporarily stopped, except to Hong Kong and Macau. The country's top economic planning agency also urged oil producers to "maintain full capacity operation" to increase output, in the statement dated Thursday. "Economic authorities at all levels and oil producers must fully acknowledge the significance of ensuring refined oil supply in terms of maintaining social stability and facilitating economic growth," it said. The commission also vowed to crack down on hoarding and unauthorised price hikes, according to the statement. China has...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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