UPDATE 1-China oil refiners not asking to raise prices-NDRC

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BEIJING, Sept 4 (Reuters) - Sinopec Corp (0386.HK: Quote, Profile, Research, Stock Buzz) and CNPC's PetroChina (0857.HK: Quote, Profile, Research, Stock Buzz) have not asked the Chinese government to raise the price of oil products to reflect the increased cost of crude oil on global markets, a senior official said on Tuesday.

Bi Jingquan, vice chairman of the National Development and Reform Commission, said the oil refiners had been profitable in recent months, suggesting it was not urgent to raise oil product prices in the domestic market.

"So far, we haven't received any application from Sinopec and CNPC to raise finished oil product prices because of rising international crude oil prices," he told a news conference.

But Bi did not rule out possible increases, saying China would continue to reform the pricing system for oil products.

"China's crude prices have been linked to international markets, and we will reform finished oil prices (at home) based upon it -- that's the set direction," Bi said.

"But as for the detailed price adjustment timing, we will decide to take full account of international oil prices and affordability from all social aspects," the planning official said.

He said overall oil demand and supply in China was "balanced" and the market was stable.