China releases gasoline, diesel reserves to bolster domestic supply

Pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong
A pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong province, China January 12, 2017. Picture taken January 12, 2017. REUTERS/Chen Aizhu/File Photo

BEIJING, Oct 31 (Reuters) - China has released reserves of gasoline and diesel to increase market supply and support price stability in some regions, the National Food and Strategic Reserves Administration said on Sunday.

The release of the reserves was made in accordance with the recent supply and demand situation in the domestic oil product market, the administration said in a short statement.

Sinopec Corp (600028.SS), China's largest oil refiner, plans to fully utilise domestic refining capacity in November and boost diesel supply by 29% from a year earlier to ensure filling stations do not run out of stock, a spokesman said earlier this week.

(This story was corrected to remove extraneous letter "o" in paragraph 2)

Reporting by Ryan Woo; editing by Richard Pullin

Our Standards: The Thomson Reuters Trust Principles.

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