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People's Daily Online>>China Business

Growth of refined oil consumption slows down

By Meng Wei (Beijing Daily)

15:55, March 22, 2012

Edited and Translated by Han Shasha, People's Daily Online

China’s oil industry as a whole run smoothly but the growth of refined oil consumption slowed down in the first two months of this year, according to the National Development and Reform Commission.

The overall supply of crude oil maintained stable in January and February. The output of crude oil hit nearly 33 million tons and imported crude oil about 44 million tons, up 2.5 percent year on year.

The output of processed crude oil in the first two months reached about 70 million tons, up 2.5 percent year on year. And the refined oil output reached 43 million tons, increased by 4.7 percent, of which, gasoline 13.3 million tons and diesel 26.3 million tons, an increase of 6.8 percent and 2.3 percent, respectively.

The consumption of refined oil in the first two months was a little more than 38 million tons with a daily average year-on-year growth rate of 2 percent, but decreased by about 7 percentage points over the same period last year. The consumption of gasoline reached 12.6 million tons with a daily average year-on-year growth rate of 7.6 percent and diesel 22.41 million tons, of which, the daily average growth was essentially flat year on year.

In addition, the oil stock rebounded quickly. Refined oil stock at the end of February increased by 1.8 million tons month-on-month and 960,000 tons year-on-year.

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