Refined energy product producers in China can breathe a little easier. Late on Tuesday, China’s National Development and Reform Commission said it would postpone a price cut to retail petrol and diesel prices.
Shares in refiner Sinopec rallied on Wednesday by as much as a 10th; PetroChina rose 6 per cent.
With the oil price at seven-year lows, the market was expecting prices to come down, crimping margins and profits hit by weak growth. But air in China’s cities is increasingly filthy; incentivising energy users to consume more fuel with cheaper prices would be out of alignment with social pressures.
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