China Petroleum & Chemical Corp (Sinopec) will report a fall in third-quarter refining profit because of higher oil costs, Bloomberg reported. An official close to the company said margins were narrower between July and September compared with the first six months of 2009. He said increased sales volume wasn’t enough to offset higher crude costs; Sinopec’s refining business most likely only broke even for the July-September period. China raised the price of gasoline and diesel three times in the first half and once in the third quarter. Crude oil in New York sold at an average of US$68 a barrel in the last three months, up 32% from the first half.