China will lift gasoline and diesel prices by around 7 percent from 1600 GMT on Monday to reflect the rising cost of crude oil, taking pump prices to their highest ever, a government official told Reuters on Monday.
Top Asian oil refiner Sinopec Corp said its refining margins fell by nearly half in the third quarter, but forecast "normal growth" as it banks on China to provide relief by raising fuel prices.
VIDEO | COMPANIES : SINOPEC Shangai Petrochemical Company, Ltd.