China's oil refiners suffered huge losses in the first eight months of 2008 as a result of the global economic slowdown, an industrial association said Thursday.

They lost more than 120 billion yuan (17.6 billion dollars) from January to August, a researcher with the government-linked China Petroleum and Chemical Industry Association told AFP.

That compared with a net profit of 23.1 billion yuan booked in the same period of last year, said the official, who declined to be named.

The worsening financial crisis has dampened output growth in the chemical and oil sectors, said a statement on the association's website.

Meanwhile, demand has also slowed, causing inventories to rise and prices to slump. The dim economic outlook has further dented market confidence, it said.

Among the 168 types of products the association monitors, 106 posted month-on-month price falls, including fertiliser, pesticide, plastic and rubber, the statement said.

However, in the first three quarters, the petroleum and chemical industry as a whole had a profit of 418.7 billion yuan, up 3.4 percent year on year, with the chemical sector up 31 percent and oil and gas drilling up 53.4 percent, it said.