FuelClub Discount

PetroChina is expected to report that its first-half net profit fell by at least a third, analysts say, as losses in its refining business eroded gains from surging crude oil prices.

Even last year when PetroChina’s market value briefly topped $1 trillion by some calculations trouble was brewing at the traded unit of the country’s leading oil and gas producer.

While other global oil giants are reporting record profits, Chinese government price controls prevent PetroChina and other domestic refiners from passing on higher costs for crude oil to consumers. So their refining operations are bearing heavy losses, despite billions of dollars in subsidies.

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US road deaths are at their lowest since the 1960s as the rocketing price of petrol puts a strain on America’s love affair with the car.

The number of fatalities is on track to fall by 10% this year to around 37,000, the lowest since 1961, according to research suggesting the reduction is due to people cutting out leisure travel to save money.

Nationwide, traffic deaths last dipped below 37,000 in 1961. The number peaked in 1972, at about 55,000, and in recent years has hovered near 42,000.

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The airline, 75 per cent-owned by the Government, yesterday reported an annual net profit of $218 million, off 1 per cent on the 2007 year. Trading turnover rose 9.1 per cent to $4.667b.

A final 3.5c dividend increases the annual rate from 8c to 8.5c a share, excluding 2007’s special 10c dividend. The gross dividend yield of 12.686c gives a yield of 10.6 per cent, based on yesterday’s closing share price of 120, down 2c.

Chief executive Rob Fyfe said the volatility in fuel prices and uncertain economic conditions had made it difficult to accurately forecast a profit for next year. But the average cost of jet fuel would need to be below $US140 a barrel for the 2009 financial year for the airline to be profitable, he said.

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Giant-Carlisle, a subsidiary of Ahold USA, has selected KSS Inc.’s PriceNet, PriceNet Mobile and Visualizer solutions to manage fuel pricing for 61 Giant Food Store fuel locations across Pennsylvania, Maryland, Virginia and West Virginia.

Tags: food price, fuel price, KSS
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