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Chinese refiner Sinopec climbs after oil price dip

Sun Jun 15, 2008 11:44pm EDT

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HONG KONG, June 16 (Reuters) - Shares in Sinopec Corp (0386.HK), Asia's largest refiner, surged more than 6 percent on Monday after oil prices dipped below $135 a barrel in Asian trade and Beijing reaffirmed pledges to adjust state-set fuel prices.

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China has resisted raising pump prices for gasoline and diesel since November for fear of stoking inflation, even though it imports about half its crude oil, the cost of which has surged about 40 percent since 2007.

The nation's top economic planner said on Monday it will choose a proper time to align fuel prices with international ones, amid persistent speculation Beijing will soon allow prices to rise. [ID:nPEK348811]

By 0343 GMT, Sinopec stock was up 6.3 percent at HK$7.72, just off a high of HK$7.73. (Reporting by Parvathy Ullatil; editing by Anne Marie Roantree)

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