UPDATE 1-China commercial crude stocks up 1.2 pct in March-OGP

BEIJING, April 23 (Reuters) - Chinese oil companies built up 340,000 tonnes (2.3 million barrels) of crude oil stocks in March as they imported the second record level of crude to brace for a surge in domestic consumption.

China's commercial crude oil inventory stood at 28.54 million tonnes (208.3 million barrels) at the end of March, 1.2 percent more than February and equivalent to about 50 days of net imports, Xinhua-run newsletter China OGP said on Friday.

According to OGP data, total commercial and state strategic crude reserves peaked in August last year at 39 million tonnes (285 million barrels).

Aside from the first phase of 102 million barrels of state crude reserves, China has accumulated 25 million barrels of commercial crude stocks over the past seven months.

China has yet to fill crude tanks in its second phase, most of which is still under construction.

China has imported huge quantities of crude in recent months, with a record high in December of 5 million bpd and March's 4.95 million bpd the second highest.

The OGP report also said the country's stockpiles of oil products, including gasoline, diesel and kerosene, hit 18.54 million tonnes at the end of March, down 1.14 million tonnes or 5.8 percent from February.

The gasoline inventory reached 6.25 million tonnes, down 2 percent over the previous month, while diesel and kerosene inventories were 10.58 million tonnes and 1.71 million tonnes, down 8.2 percent and 3.4 percent month on month, respectively.

The figures are in line with Reuters reports early this month based on figures from the China Petroleum and Chemical Industry Association (CPCIA).. None of China's government departments publish official oil stock data.

Xinhua said in January that it would start releasing national commercial crude and fuel stockpile data in the middle or towards the end of each month. The official news agency said it would use statistics based on data it collected nationwide.

The other chief source of information on commercial fuel stocks is the CPCIA, which covers only the top two oil companies dominating the Chinese market.

((Reporting by Eadie Chen, Jim Bai and Beijing Newsroom; Editing by Chris Lewis))

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