Economic Trend News
- Guangdong News
Date: 7-Jun-2007 Sources: (Shenzhen Daily)
CHINA Petroleum & Chemical Corp. cut pump prices at gasoline stations in Guangzhou over the weekend, Xinhua reported yesterday.
Experts cited by the report said the move by the company, also known as Sinopec Corp., to lower prices by 0.1 yuan (US$0.013) per liter at six gasoline stations was designed to intensify competition in the retail oil market, following a similar promotion by rival PetroChina in Beijing in March. The government enforces a system of price caps in the retail market to protect low-income consumers and act against inflation. However, the rules allow oil companies to adjust their retail prices within a range of 8 percent.
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