China's crude oil processing runs in October rise to second highest on record

China's refineries processed crude oil at near record monthly levels in October as refining margins jumped after the state planner hiked prices for gasoline and diesel at the pump. Data released by China's statistics bureau on Tuesday showed crude runs rose 7.4 percent in October to 50.51 million tonnes, or 11.89 million barrels per day (bpd) on a daily basis, easing off the record pace of 12 million bpd set in September.
For the first 10 months of the year, refinery output rose 5 percent from the same period a year earlier to 468.92 million tonnes, or 11.26 million bpd.
China's state planner raised both gasoline and diesel retail prices by 150 yuan ($22.60) per tonne on November 2, the second price hike in two months. The higher prices have boosted margins for both state owned and independent refineries.