China: Yanchang Petroleum slashes gasoline prices on high stock

Chemical News: China: Yanchang Petroleum slashes gasoline prices on high stock

https://www.chemnet.com Jul 23,2010
Shaanxi Yanchang Petroleum (Group) kept reducing gasoline prices in recent two days, because of hefty stock caused by sluggish sales, C1's survey found.

The company accumulatively cut truck price by Yuan 260/mt and lowered Yuan 180/mt by rail with discounts ranging from Yuan 100/m to Yuan 200/mt.
It saw gasoline sales impacted significantly by arbitrage gasoline from Shandong independent refineries, according to market sources.

Before the reductions, Yanchang Petroleum's subsidiary Yan'an Refinery offered 93-Ron gasoline at Yuan 7,900/mt, versus Yuan 7,350-7,500/mt for similar resource from Shandong Province, C1's data showed.

The 22-day working day rolling average price of Brent, Dubai and Cinta dropped close to 4% recently, which may suggest the open of the window for downward adjustment in retail ceilings of oil products.

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