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Sinopec, PetroChina Fall After Government Sets $40 Oil Floor

Updated on
  • Seeking to avoid `prices that are too high or too low': NDRC
  • Fuel price cuts halted in December to curb demand, emissions

China’s biggest refiners fell in Hong Kong on Thursday after China rolled out a policy that won’t let fuel prices fall in line with crude below $40 a barrel.

China Petroleum & Chemical Corp., Asia’s biggest refiner known as Sinopec, dropped 4.9 percent to HK$4.06 at 9:57 a.m in Hong Kong, while PetroChina Co., the country’s second-biggest refiner, shed 3.2 percent to HK$4.31. Hong Kong’s benchmark Hang Seng Index dropped 1.8 percent.