Starting the weekend, China's top refiner Sinopec's Beijing branches have stopped the sale of oil coupons, replacing them with smart cards, or more commonly known as IC cards in China. Sinopec say that previously issued coupons are valid until the end of the year.

After that, payments can only be made through the smart cards, bankcards and cash. Sinopec is currently upgrading its charging system in its Beijing gas stations to handle the new payment method. So far, over 430 gas stations in the city are able to take the smart cards. Using the smart cards, fuel is charged at the prevailing market rate, compared to a fixed price when using the oil coupons.

Experts say this will help prevent speculation on oil coupons and will help China's oil pricing system become more in line with the international market.

(CCTV.com July 12, 2005)