Sinopec (SNP.NYSE, 600028.SH, 0386.HK) announced that it would suspend all exports of diesel products due to shortages in China’s domestic market, the Wall Street Journal reported. The conglomerate also announced that it plans to import about 200,000 tons of diesel. Sinopec’s decision follows the announcement by PetroChina (PTR.NYSE, 601857.SH, 0857.HK) that it would also import 200,000 tons of diesel, of which 35,000 tons has already arrived. Accelerated output in the first nine months had allowed China to export diesel. Sinopec said the recent increase in domestic diesel prices was due to hoarding, seasonal factors and the energy savings initiatives, among others.
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