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China releases gasoline, diesel reserves to bolster domestic supply

China has released reserves of gasoline and diesel to increase market supply and support price stability in some regions, the National Food and Strategic Reserves Administration said on Sunday.

The release of the reserves was made in accordance with the recent supply and demand situation in the domestic oil product market, the administration said in a short statement.

Sinopec Corp, China’s largest oil refiner, plans to fully utilise domestic refining capacity in November and boost diesel supply by 29% from a year earlier to ensure filling stations do not run out of stock, a spokesman said earlier this week.
Source: Reuters (Reporting by Ryan Woo; editing by Richard Pullin)

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