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Currently, the retail price of the No. 0 diesel oil is CNY 7,028 per ton, CNY 1,300 higher than the wholesale price of Sinopec Corporation. The average wholesale price of other No. 0 diesel oil suppliers in the local market has been about CNY 1,500 lower than the retail price.
Since the diesel oil wholesale prices dropped below that of retail prices, gas stations in Shanghai again sell diesel oil in barrels. Private gas stations like Total Sinochem have kicked off markdown or promotions. Some of them reduced selling prices of diesel oil by CNY 0.2 per liter.
However, gas stations under control of PetroChina Company Limited (SHSE: 601857, SEHK: 0857 and NYSE: PTR) and Sinopec Corporation has no reactions.
From www.sina.com.cn, Page 1, Monday, November 10, 2008 info@SinoCast.Com
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