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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World China's biggest oil refiner stops diesel exports AP - Saturday, November 20 Send IM Story Print BEIJING – China's largest oil refiner has suspended diesel exports as the country fights rising inflation, official media reported Saturday. The decision by state-owned Sinopec will help meet domestic shortages blamed on a government conservation campaign and possible hoarding by state oil companies. Sinopec and China's other major state-owned oil company, PetroChina, plan to import diesel to help meet demand, the Xinhua News Agency said. China is trying to cool inflation that surged to a 25-month high in October. The government posted a statement Saturday announcing further actions to cut rising food costs that have driven the inflation surge. Other measures including stabilizing overall prices of consumer goods. The diesel shortage and inflation are linked. Farmers need diesel fuel to run tractors and other farm equipment, so the diesel shortage could directly worsen a shortage of vegetables because farmers can't plant and harvest as many. Politically sensitive food costs surged more than 10 percent as inflation jumped to 4.4 percent in October, well above the government's 3 percent target. Poor families in China spend up to half their incomes on food and Communist leaders see inflation as a possible trigger of unrest. Economists say money flooding through the economy from China's stimulus spending and heavy bank lending helped push inflation higher. China ordered its banks Friday to hold more money as reserves in a new move to curb lending. Diesel supplies ran low after thousands of factories bought diesel generators to cope with power cuts imposed by authorities to meet energy-saving goals. That boosted already strong fuel demand. Demand for diesel skyrocketed just as PetroChina and Sinopec were holding back supplies in anticipation of a rise in the retail price. In southern China, more than 2,000 privately owned filling stations have run out of diesel, Xinhua reported this month, citing the China Chamber of Commerce for the Petroleum Industry. Recommend Send IM Story Print Related Articles China to boost grain supplies to combat inflation: Xinhua AFP - 34 minutes ago Chinese vice-president visits Botswana AFP - 43 minutes ago Telenor finds no irregularity with India licences Reuters - 55 minutes ago China fund controls 74 mln General Growth shares Reuters - 1 hour 24 minutes ago Rescue efforts at NZ mine face further delay Reuters - 1 hour 26 minutes ago News Search Top Stories Ireland readies budget plan as massive bailout looms US tanker decision delayed to 2011: Air Force Cash-strapped Brits want royals to foot wedding bill One in five Americans suffer mental illness: survey 9/11 rescuers agree huge compensation deal More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Cash-strapped Brits want royals to foot wedding bill Brazilians flaunt Kate's engagement ring, for 3 dlrs 9/11 rescuers agree huge compensation deal One in five Americans suffer mental illness: survey US tanker decision delayed to 2011: Air Force More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France EU fines 11 airlines 800 million euros for air cargo cartel Pilgrims stone 'devil' as Muslims celebrate Eid 'Naked' airport scanners may be 'dangerous' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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