China's stocks jumped Wednesday, led by the country's two oil firms, Sinopec and CNPC, amid speculation that Beijing might be on the verge of raising state-set prices on oil products.

The Shanghai Composite Index -- which tracks yuan-denominated A shares and hard-currency B shares -- soared 2.93 percent, or 101.03 points, to 3,544.19.

China Petroleum & Chemical Corp., also knowed as Sinopec, the country's biggest refiner, jumped the 10 percent daily limit. PetroChina Co., the nation's largest oil producer, surged 6.6 percent, the steepest advance since April 24.

As Oriental Morning Post reported, the government is planning to remove the price controls on oil and gas products in June, which have boosted the shares of Sinopec and PetroChina.