By Chris Oliver HONG KONG (MarketWatch) -- The Shanghai Composite Index surged more than 6% in late trading Wednesday, led higher by oil giant Sinopec amid expectations the introduction of a new fuel tax, due in the days ahead, will herald an eventual shift toward market pricing for gasoline, a move that could improve margins of oil producers. Shanghai-listed shares of Sinopec climbed their daily limit of 10%, while PetroChina, the nation's biggest oil company, was up 7.6% The China Daily cited a spokesman from the National Development and Reform Commission's Energy Research Institute Wednesday as saying government officials viewed the current low level of oil prices as an appropriate time to introduce the tax. Gainers also included shares in the financial sector, those of Bank of Communications rising 5.2%. The Shanghai Composite was up 6.1% at 2,017.47 in late trade, after falling more than 6% in the previous session.

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