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Asia's largest oil refiner Sinopec is making refining losses and the government should raise prices of refined oil products "appropriately" to avoid fuel shortages, company chairman Fu Chengyu was quoted as saying on Tuesday.

Sinopec, which imports 80 percent of its oil needs, is sustaining a $20 loss for each barrel of crude oil it processes, Fu was quoted in the report on www.caijing.com.cn, the website of Caijing Magazine.