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

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China NDRC To Cut Gasoline, Diesel Prices -C1 Energy

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05/09/2012 | 10:22am CEST

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; [email protected]

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Financials ( CNY)
Sales 2017 2 203 989 M
EBIT 2017 85 100 M
Net income 2017 52 804 M
Debt 2017 44 425 M
Yield 2017 4,45%
P/E ratio 2017 13,54
P/E ratio 2018 12,04
EV / Sales 2017 0,34x
EV / Sales 2018 0,30x
Capitalization 701 157 M
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Average target price 6,85  CNY
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Hou Liang Dai Vice Chairman & President
Yu Pu Wang Chairman
Dehua Wang Chief Financial Officer
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Hai Chao Zhang Executive Director & Senior Vice President
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