China’s Development and Reform Commission gave heavy penalties on 6 companies for their selling diesel at high prices, Sinopec responded to accept the punishment
On Nov.23: According to the National Development and Reform Commission Bulletin, six local refinery companies,the wholesale and retail and wholesale units under two oil giants arbitrarily broke the standard, sold high-priced diesel, which caused a serious violation of state policies and regulations related to oil prices, intensified tight supply situation, and disrupted the market price order.
China’s Development and Reform Commission has instructed the local pricing department to severely deal with them quickly, in addition to confiscation of high-priced oil payment, the highest punishment is 5 times of the payment.
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