OREANDA-NEWS. September 10, 2012. The margins of major Chinese refiners refining Oman crude inched up by yuan (CNY) 31/tonne (or USD 0.68/bbl) in the past two weeks because of higher product prices, ICIS data showed.

Based on integrated ex-refinery prices of refined products, the gross margin for these refiners averaged CNY259/tonne.

Sales revenues of the products rose by CNY31/tonne in the period largely because of a 3.6% rise in prices of liquefied petroleum gas (LPG), according to data from C1 Energy, an ICIS service in China.

Meanwhile, refining margins for major refiners that use Daqing crude as the feedstock dropped by CNY3/tonne to CNY75/tonne because of a slight fall in sales revenues of their products.

Refiner’s crude settlements were unchanged in the two-week period.

Refining margin is the difference between crude prices and sales revenue.