North Korea fuel prices surge after China cuts oil supplies

Pic Reuters

Pic Reuters

The U.S. measures would initially hit Chinese entities considered "low-hanging fruit", including smaller financial institutions and "shell" companies linked to North Korea's nuclear and missile programs, said one of the officials, while declining to name the targets.

Japan yesterday downplayed South Korea's offer to hold military talks with North Korea, saying the priority should be piling pressure on Pyongyang through sanctions.

Gasoline and diesel prices have reportedly jumped in North Korea, after its largest crude supplier China halted fuel sales.

Daily NK is run by North Korean defectors who collect prices via phone calls with fuel traders.

Frustrated that China has not done more to rein in North Korea, the Trump administration could impose new sanctions on small Chinese banks and other firms doing business with Pyongyang within weeks, two senior USA officials said.

Japan supports new sanctions but also maintains that Russian Federation and China must do more to fully implement the current set of measures targeting their economic ties with North Korea.

The data shows gasoline prices eased to $2.05 per kg by July 12; they are still more than double from the beginning of the year.

China announced in February the suspension of coal imports from the North, striking a blow at a major source of income for the hermit state.

Prices stabilised after the sharp spikes through the first week of July, likely because North Korea encouraged fuel smuggling across its border with China, Kang said.

Last year, China shipped more than 96,000 tons of gasoline and almost 45,000 tons of diesel to the isolated communist state, worth a combined $64 million.

Most of that was sold by CNPC, which grew to dominate China's energy trade with Pyongyang over the past two decades. "This is a time for pressure", Japan's foreign ministry spokesman Norio Maruyama told reporters in NY where Foreign Minister Fumio Kishida was attending a United Nations meeting on development.

Primary users of fuel products in North Korea include fishermen, farmers, truckers and the military.

Recommended News

  • Woman destroys $200000 of art when her selfie goes wrong

    Woman destroys $200000 of art when her selfie goes wrong

    One exhibit, called " Hypercaine ", is a series of crowns fashioned from different mediums perched on top of tall white pedestals. Others wondered wondered why the pedestals weren't more securely attached to the floor.
    ClubCorp bought out by Apollo for $1.1 billion

    ClubCorp bought out by Apollo for $1.1 billion

    The stock of ClubCorp Holdings Inc (NYSE: MYCC ) has "Outperform" rating given on Friday, February 26 by Wells Fargo . Moreover, Walleye Trading Ltd Liability has 0.01% invested in ClubCorp Holdings Inc (NYSE: MYCC ) for 60,991 shares.
    Roger Federer cruises into fourth round of Wimbledon

    Roger Federer cruises into fourth round of Wimbledon

    Marco Baghdatis of Cyprus was his second-round opponent and Dimitrov played a brilliant match, dispatching him 6-3 6-2 6-1. The match was suspended Friday by darkness after 2 hours, 54 minutes with Querrey leading 6-5 in the fifth set.
  • Elephant trapped in ocean current rescued in massive effort

    Elephant trapped in ocean current rescued in massive effort

    Like most mammals, they're quite capable swimmers , easily crossing rivers and shallow ocean when they need to. The elephant had been caught in a current and washed out to sea off Sri Lanka when the navy spotted it.

    Asian shares edge up as investors await Yellen's testimony

    The broad-based S&P 500 slipped 0.1 per cent to 2,424.37, as did the tech-rich Nasdaq Composite Index which was down to 6,170.69. Benchmark U.S. crude picked up 64 cents, or 1.4 percent, to settle at $45.04 a barrel on the New York Mercantile Exchange.
    India Accuses Pakistan-Militants For Attack On Pilgrims

    India Accuses Pakistan-Militants For Attack On Pilgrims

    The spokesman said the two ministers expressed deep anguish over yesterday's attack in which seven Amarnath pilgrims were killed. When police personnel retaliated back to the firing the terrorists started a showering bullets haphazardly.
  • 'Walking Dead' production temporarily halts after tragic stuntman death

    'Walking Dead' production temporarily halts after tragic stuntman death

    The Coweta County Coroner's Office in Georgia has reportedly confirmed the news of the stuntman's death to Entertainment Weekly . Unfortunately, thoughts and prayers may not be enough, as Deadline is reporting that Bernecker is brain dead and on life-support.

    Samsung Galaxy Note 8 Launch Date Set For Next Month In August

    A launch after that shows would guarantee the Note 8 more coverage than it would get if launched during the show. Several reports regarding Samsung's plans to renew its rugged Galaxy S8 have been around for quite some time.
    76ers' Ben Simmons: 'Team wants me to start at point guard'

    76ers' Ben Simmons: 'Team wants me to start at point guard'

    Fultz is a traditional point guard. "Just trying to get back to how I was playing and I've been doing well", Simmons said. To complement its slew of promising young talent, Philadelphia has also signed veterans J.J.
  • Pope Francis adds new pathway to sainthood

    Pope Francis adds new pathway to sainthood

    An example of this fourth avenue to sainthood might be a pious individual who becomes diagnosed with a life-threatening disease. Kolbe was being held at Auschwitz during World War Two when he offered to take the place of a fellow prisoner due to be killed.
    Hawks Will Not Match Tim Hardaway Jr's Offer Sheet

    Hawks Will Not Match Tim Hardaway Jr's Offer Sheet

    The deal gives the Knicks a young, talented guard, although at the inflated price of $71 million over four years. The Hawks informed the Knicks they will not match the four-year, $71 million offer sheet on Tim Hardaway Jr .
    United Nations  member countries approve global nuclear treaty

    United Nations member countries approve global nuclear treaty

    The process has been driven forward by the International Campaign to Abolish Nuclear Weapons (ICAN) working with civil society. She notes that it took nearly 30 years for Non-Proliferation Treaty to become nearly universally recognized.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.