When contacted, Sinopec's information office declined to comment as no one senior enough was available.

Data from the China Petroleum and Chemical Industry Association revealed that in the first three quarters of this year, the total output value of the industry reached 3.82 trillion yuan, up 20.2 percent, with around 60 percent of prices of oil and chemical products on the rise.

Experts held that as the country's largest chemical product manufacturer and distributor, Sinopec benefited from the booming growth in industry.

In China, oil prices are controlled by the government. The two company bottom lines were hit hard this year by the rising cost of international crude oil, but they were unable to raise prices to protect themselves.

The government raised the price of gasoline from 5,480 to 5,980 yuan and diesel oil price from 5,020 yuan to 5,520 yuan per ton on November 1 in face of the surging domestic needs and international oil price.

Sinopec has imported 388,000 tons of oil products since the beginning of September and plans to import a further 423,000 tonnes of diesel oil this December to ease surging domestic oil product demand.

The two oil giants have also ordered their refineries to run at full capacity and are trying to draw on stockpiles as much as possible.

Industry observers held that the country may further reduce or cancel the current five percent import tariffs for gasoline and six percent import tax for diesel oil.

Prof. Zha Daojiong of Peking University said it was difficult for him to predict whether the government would cut or cancel gasoline and diesel oil import tax soon, but he held that it was possible because such a move was reasonable at such a time.