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China's crude oil import unit price hits record high

Xinhua, June 8, 2016 Adjust font size:

China's crude oil import unit price hit a record high in May as global crude oil prices continued to rise, official data showed Wednesday.

China spent 60.76 billion yuan (9.26 billion U.S.dollars) on importing 32.24 million tonnes of crude oil in May with the unit price reaching 1,884.60 yuan per tonne, the highest this year, according to figures from the General Administration of Customs (GAC).

May's imports dropped by 340,000 tonnes over April but surged by about 40 percent year on year.

A total of 155.91 million tonnes of crude oil was imported in the first five months of the year, up 16.5 percent year on year.

Crude oil imports have remained above 30 million tonnes since February, but might drop in the coming months due to increase in port congestion and heavy teapot refinery maintenance, according to analysts. Endit