Chinese Fuel Famine
Posted by Big Gav
The BBC reports on queues and petrol rationing in southern China (and the first signs of, err, profit maximisation, by the oil companies).
Petrol shortages are developing in Guangdong Province, the industrial belt that produces one third of China's manufacturing exports. Drivers are reportedly having to queue for rationed petrol and shortages are hurting petrol station profits.
Refiners are also limiting output of some fuels in the face of soaring crude oil prices and domestic price caps, the official China Daily reported. But there is no sign of export truck traffic grinding to a halt. Shortages appear to involve the cheapest grades of petrol, which are being phased out by refiners as unprofitable, Reuters news agency reported.
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