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China may tweak oil price-setting formula It implied, though did not say so explicitly, that more frequent monitoring would lead to more frequent price adjustments that would benefit oil giants such as Sinopec and PetroChina .
HOARDING Analysts say more frequent price adjustments would reduce the incentive to hoard fuel, one factor behind recent shortages. The official Xinhua news agency has blamed the shortages on typhoons that disrupted shipments and floods near refineries in China's northeast. But it has also noted hoarding. China has been opening its planned economy for more than 20 years, but is reluctant to cede control of energy prices. China's economic boom also needs cheap oil.
But global oil markets have surged more than 50 percent
so far this year. With China's product prices up just 15 percent in the same
period, industry losses mounted to a net 4.19 billion yuan ($517.3 million) in the first half.
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