China’s Refiners Face Biggest Fuel-Price Cut Since 2008
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China Petroleum & Chemical Corp. and PetroChina Co., the nation’s biggest refiners, face more losses from processing crude after the government cut fuel prices by the most since 2008 as global crude costs tumbled.
State-controlled retail gasoline prices fall by 530 yuan ($83) a metric ton and diesel by 510 yuan starting today, the National Development and Reform Commission, the nation’s top economic planner, said on its website yesterday. The cut is the steepest since the government’s current pricing system was introduced in December 2008.