CAOSCChina Aviation Oil Supply Corporation
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Domestic airlines in China have criticised the China Aviation Oil Supply Corp (CAOSC), which supplies Chinese carriers with aviation fuel, for using high world oil prices to increase profits.
Airlines have stated that increased fuel prices could result in a lack of profitability in the industry during 2000 and the country's major carriers have been lobbying the government to allow them to make their own arrangements for the domestic supply of fuel in order to hedge against price fluctuations and avoid the higher prices caused by CAOSC's cross-subsidy policy according to Dow Jones Newswires.
CAOSC has denied that it is using higher oil prices to increase its profits and a spokesperson for the company stated 'Domestic oil prices go along with the world market because almost one-fourth of China's oil comes from imports.'