Asia's largest refiner Sinopec posted a 22 per cent rise in second-quarter net profit, helped by better refining margins after China introduced measures to let domestic fuel prices follow the international market more closely.

Net profit at Sinopec rose to 13.58 billion yuan in April-June from 11.09 billion yuan a year earlier, according to Reuters calculations based on first-half results released through the Shanghai stock exchange.

That figure, compiled under international accounting standards, lagged an average forecast of 15.23 billion yuan.

China implemented a more flexible fuel pricing mechanism in March allowing higher prices in a bid to tackle soaraway fuel consumption and stave off potential shortages. The country, the world’s second-largest oil user, is set to double its fuel use by 2030. – (Reuters)