Asia Headlines

India: State Oil Companies Continue Losing Money From Fuel

The state-run oil firms in India have reported a combined revenue loss of Rs 33920 crore ($6.46bn) in the quarter to December 2010 as the cost of selling subsidised fuel continues to mount, according to Moneycontrol Bureau. Bharat Petroleum, Hindustan Petroleum and Indian Oil Corporation (IOC) are losing money from purchasing crude from international markets in dollars and selling diesel, kerosene and liquefied petroleum gas (LPG) at government-controlled prices.


China: Sinopec Still Dominant in Oil Products Market

New data released by China Petrochemical Corporation (Sinopec), the country's second largest oil company, shows a continued strong position in the domestic oil products market. The state-owned company sold 151 million tonnes of gasoline, diesel and kerosene in 2011, accounting for close to 60% of the country’s aggregate sales for the year. 


Australia: New South Wales Bans Unleaded Fuel

The State of New South Wales has banned the sale of regular unleaded petrol as part of efforts to promote renewable biofuels. The ban, which comes into effect in July, will lead to increased prices for motorists according to industry personnel. ”Consumers, particularly in rural areas, will have to pay more,” said BP spokesman Jamie Jardine. ”We believe demand will exceed supply,” 

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