China to crack down on illegal oil sales
Updated: 2011-05-06 13:50
BEIJING - China's Ministry of Commerce said Friday that it has asked local departments to crack down on illegal oil sales, compulsory tie-in sales and overcharging, as seasonal demand for oil will increase as summer arrives.
The ministry said in a notice that some oil sellers have violated laws and regulations, hurt consumer interests and disturbed market order. Local authorities should enforce market admittance and ban illegal trading to ensure a safe and orderly market environment, the notice said.
The notice also requires local departments to ensure ample market supplies and avoid shortages.
Oil prices fell below $109 per barrel on Thursday, extending a weeklong sell-off amid concerns that slower economic growth in the US will undermine demand for crude oil.
According to China's oil price-fixing mechanism, which was updated in 2009, domestic oil prices can change after international crude prices rise or fall by more than 4 percent over 22 working days.
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