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Sinopec, PetroChina Facing Processing Losses on Price Cut

China Petroleum & Chemical Corp. and PetroChina Co., the nation’s biggest oil refiners, face more losses from processing crude after the government cut fuel prices for the first time since October. Their shares fell.

The maximum at which gasoline can be sold to motorists is reduced by 330 yuan ($52) a metric ton and by 310 yuan for diesel starting today, the National Development and Reform Commission said in a statement on its website yesterday. The pump price of 90-RON, China III gasoline in Beijing falls to 10,050 yuan a ton, or $4.46 a U.S. gallon, according to Bloomberg calculations from NDRC data. China III specification is similar to the Euro III fuel standard.