PetroChi Lapel pin na, Sinopec cut gasoline prices in Hubei, Shandong

PetroChi Lapel pin na, Sinopec cut gasoline prices in Hubei, Shandong
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PetroChina, Sinopec cut gasoline prices in Hubei, ShandongPublished: 06 Nov 2008 01:54:17 PST

Nov. 6, 2008 (China Knowledge) - China's largest oil and gas producer PetroChina Co Ltd<601857><857><PTR>, and Asia's largest oil refiner China Petroleum and Chemical Corporation (Sinopec)<600028><386><SNP> have started cutting retail prices of gasoline and diesel oil in some regions, market sources reported.

It was reported that PetroChina and Sinopec's move follows the price cut by some privately-owned oil retailers.

The two companies cut the prices mainly in Hubei province and Zibo city, Shandong province. Some filling stations in Hubei reduced the retail prices of gasoline and diesel oil by RMB 0.05 and RMB 0.07 per liter respectively.

Oil retailers are entitled to adjust prices of oil products within the range of 8 percentage points above or below the guidance price set by the National Development and Reform Commission (NDRC), and the NDRC is expected to cut guidance prices within the month after a sharp fall in global crude oil prices, which has dropped to about US$70 per barrel compared with its peak of US$145 in July.

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