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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: China's leading oil producers start cutting prices: report AFP - Friday, November 7 BEIJING (AFP) - - China's two largest oil producers have started cutting retail prices in some parts of the country in response to weakening demand brought about by the economic slowdown, state media reported Thursday. PetroChina and Sinopec have lowered the cost of gasoline and diesel by around one percent at some filling stations in central Hubei province and Shandong province in the east, the China Business News said. The move came after private oil retailers took similar action amid softening demand, it said. Chinese companies are allowed to adjust retail prices of oil products within an eight-percent band on either side of a guidance price set by the government, the newspaper said. Even though the market plays a growing role in China's economy, the government maintains strict controls on energy prices. As the global cost of crude rose to unprecedented highs in recent months, China persisted in keeping domestic prices artificially low due to fears higher fuel or power costs could fan inflation. However, with global prices now plunging, the situation has changed, and retail gasoline prices in China are around 30 percent more expensive than in the United States, earlier media reports here said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Agricultural Bank of China receives 19-billion-dollar bailoutAFP - Friday, November 7 China's leading oil producers start cutting prices: reportAFP - Friday, November 7 Europe shares fall early, led by banks, oilsReuters - Friday, November 7 Stocks slide, Toyota warns of 'unprecedented' crisisAFP - Friday, November 7 Related Articles: Business Turkish yarn maker Sonmez Filament ends outputReuters - Friday, November 7 Thai Oil sees no 2009 output cut despite slowdownReuters - Friday, November 7 Singapore Airlines Q2 net down 36 pct on high fuelReuters - Friday, November 7 Japan MOF plans to keep steady 40-yr JGB issuanceReuters - Friday, November 7 Max simple rate at Turkish repo auction 17.37 pctReuters - Friday, November 7 Enlarge Photo China's leading oil producers start cutting prices: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama wins US election, to become first black president Among Obama's next challenges: his own security US elects Obama as its first black president Obama's grandmother, family 'rock', dies on election eve Stocks, dollar rise as Obama takes White House View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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