China Petroleum and Chemical Corp (Sinopec) announced a 25% drop in net income in the third quarter from the previous quarter, Bloomberg reported. However, the company’s profit of US$2.4 billion more than doubled from the third quarter of 2008. Rising global crude oil costs are expected to hurt Sinopec in the fourth quarter; Beijing has not raised fuel prices as the price of crude has increased. Sinopec’s refining margins shrank to about US$1 per barrel in the third quarter, from US$8 per barrel in the second quarter. The company derives most of its revenue from refining and the sale and distribution of fuel. China has raised fuel prices four times and cut them three times this year.