"While global crude oil prices have fallen back to 2005 levels, oil product prices have not been adjusted lower in keeping with falling crude, so independent refineries in Shandong are enjoying a considerable refining margin."
A market source said as independent refineries in east China's Shandong province have boosted run rates from 20-30% in October to the current 50%, on the back of returning positive refining margins.

Updated: December 5, 2008