Oil giants grease wheels to boost supply

The country's two largest oil companies PetroChina and Sinopec will increase fuel production and distribution to ensure supply, the National Development and Reform Commission (NDRC) said yesterday.

Rapid economic development in the first two months, especially reconstruction after the snowstorms in some regions, caused demand for refined oil products to rise. Fuel supplies have also tightened, as some retailers hoard fuel in hopes of profiting from potential price gains, the NDRC said.

"The country enjoys sound production and supply of refined oil products. It will not undergo a nationwide shortage of fuel, such as the diesel shortage suffered in November and December," it said in a statement.