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China Dec Diesel Exports Rose, Total 2022 Exports Fell

DIESEL

China exported 2.79mn tonnes of diesel last month, up by 32.8% month on month as the country's COVID outbreak limited domestic fuel demand, and refiners utilised their expanded yearly export quotas, data from the General Administration of Customs showed.

  • Total diesel exports last year stood at 10.92mn tonnes, down from 17.21mn tonnes in 2021.
  • Gasoline exports were at 1.91mn tonnes in Dec, up from 1.49mn tonnes a month earlier and the highest since Oct 2020.
  • Total gasoline exports last year stood at 12.56mn tonnes, compared with 14.54mn tonnes a year earlier.
  • Refiners continue to offload inventory abroad to make full use of their yearly export quotas after a year in which COVID-19 restrictions have choked domestic fuel demand.
  • To stimulate the economy, the government issued an additional 13.25mn tonnes of export quota for diesel, gasoline and jet fuel, taking the total 2022 quota to 37.25mn tonnes, in line with 2021's quota.
  • The NDRC announced this week to lower the domestic prices for gasoline to 195 Yuan per ton from 17 Jan, from 205 Yuan per ton previously.

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