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NDRC probes product oil supply crunch in central China's Zhengzhou

2015-02-10 GMT+8:00

BEIJING, Feb. 10 (Xinhua) - China's anti-monopoly regulator, the National Development and Reform Commission (NDRC), has asked Henan Provincial Development and Reform Commission to investigate possible malpractices that may have caused the recent product oil supply shortage at gas stations in the province's capital city Zhengzhou, said a report by Economic Information Daily on Tuesday.

The anti-monopoly department with NDRC also sent investigators to Zhengzhou, said an official with NDRC on Monday.

A number of gas stations operated by China's top oil refiner Sinopec Corp. (SNP.NYSE; 600028.SH; 0386.HK) failed to supply product oil since January 7, according to media reports.

NDRC would punish Sinopec Corp. once it discovers abuse of market dominance by gas stations operated by Sinopec Corp., said the official with NDRC.

The tight product oil supply was due to logistic and distribution reasons, said local branch of Sinopec Marketing Company, which also apologized for inconvenience to customers. Product oil supply has resumed and Sinopec Corp. delayed hike of gasoline and diesel prices for six hours.

The supply crunch took place ahead of expected hike of national benchmark product oil prices on Tuesday by NDRC. (Edited by Liu Yanan,