PetroChina, Sinopec upgrade fuel retail prices

PetroChina Co., Ltd. and China Petroleum & Chemical Corp (Sinopec) recently lifted their own gasoline and diesel oil retail prices in most domestic markets.

Since there have been rampant talks that the National Development and Reform Commission (NDRC) would once more downgrade prices of oil products, some analysts believe that the two petroleum giants will push up the oil retail prices and force the macro-economy regulator to lower the maximum retail prices.

Last week, retail prices of the No. 93 and No. 97 gasoline and No. 0 diesel oil in five provinces and municipalities, including Shanghai, Guangzhou, Shenyang, Chengdu, and Hainan, were elevated by CNY 0.05 to CNY 0.42 per liter.

However, PetroChina and Sinopec have not adjusted their own oil selling prices in Beijing so far, because they burden more oil production costs in line with the European Union (Phase IV) Emission Standards (Euro IV) locally.