Sinopec jumps on China fuel price hike

HONG KONG, Nov 1 (Reuters) - Shares in Sinopec (0386.HK: Quote, Profile, Research, Stock Buzz) (SNP.N: Quote, Profile, Research, Stock Buzz), Asia's top oil refiner, jumped 10 percent on Thursday after China raised domestic fuel prices.

Sinopec's opening share price was set at HK$12.84 per share.

China unexpectedly raised domestic gasoline and diesel prices by a tenth on Thursday, the first increase in 17 months, as officials rushed to tame a worsening supply crisis by easing losses at state refiners.

Beijing also said its natural gas prices are "seriously low" and it plans to adjust costs for industrial users and retail prices for car drivers soon.