(April 8): China has granted independent refiners additional crude import quotas to allow them to continue to produce fuels at officially mandated levels, helping Beijing to cope with the impact of disrupted supplies from the Persian Gulf. It will not, however, support profit margins at plants badly squeezed by rising crude prices and US waivers that have widened access to sanctioned supply. Teapots were told last week to keep fuel output stable at 2025 levels, even if they have to incur losses. Domestic fuel prices have also come under pressure, with the government recently passing along a smaller-than-expected increase to shield consumers. In practice, many are still reluctant to raise rates given weak margins, sticking with sanctioned barrels already in bonded tanks as their main source of additional crude, it added.

Source: The Edge Markets April 08, 2026 08:32 UTC