Member access

4-Traders Homepage  >  Shares  >  SHANGHAI STOCK EXCHANGE  >  China Petroleum & Chemical Corp    600028   CNE0000018G1

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

China NDRC To Cut Gasoline, Diesel Prices -C1 Energy

05/09/2012 | 04:22am US/Eastern

China's National Development and Reform Commission will cut gasoline and diesel prices by CNY330 and CNY310 a metric ton, respectively, energy consultancy C1 Energy said Wednesday, citing an oil industry person familiar with the matter.

This would mean a decline of 3.3% in the average retail ceiling benchmark for gasoline of CNY9,980 a metric ton, and a drop of 3.4% in the average retail ceiling benchmark for diesel of CNY9,130 a ton, according to Dow Jones Newswires calculations.

The exact price ceilings vary by geographic location.

The NDRC last changed gasoline and diesel prices on March 20, raising them by CNY600 a ton, in response to rising international oil prices.

Under China's oil product pricing system, domestic fuel prices may be adjusted when the moving average of a basket of international crudes changes more than 4% over a period of 22 working days.

The government hasn't always rigidly followed the formula, which was introduced in 2009.

In the past, C1 Energy has generally been reliable in its reports on China's fuel price changes ahead of the NDRC's official announcement.

-By Wayne Ma, Dow Jones Newswires; +86 10 8400 7714; wayne.ma@dowjones.com

React to this article
Latest news on CHINA PETROLEUM & CHEMICAL
04:12a CHINA PETROLEUM & CHEMICAL : Continued Consolidation Called For China Stocks
01/28DJArgentina's YPF, China's Sinopec to Join in Oil-and-Gas Projects
01/26 CHINA PETROLEUM & CHEMICAL : Aiming for New Breakthrough in Building World-Leadi..
01/26 CHINA PETROLEUM & CHEMICAL : Int’l Security Risks Experts Made Presentatio..
01/22 China's December Russian crude imports hit record as prices fall
01/22DJSinopec Yizheng to Swing to 2014 Net Profit of Around CNY1.2 Billion
01/21 CHINA PETROLEUM & CHEMICAL : Sinopec Saudi Arab Refinery Plant in Operation
01/21 CHINA PETROLEUM & CHEMICAL : and Chemical 2014 Oil & Gas Output Up 8.5%
01/21 CHINA PETROLEUM & CHEMICAL : Sinopec Conducted First Overseas Security Training ..
01/20 CHINA PETROLEUM & CHEMICAL : Sinopec Corp 2014 oil & gas output up 8.5%
Advertisement
Chart
Duration : Period :
China Petroleum & Chemical Technical Analysis Chart | 600028 | CNE0000018G1 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF