Although the government's price for processed oil has increased, many privately owned gas stations haven't increased their retail price. Yang Delong, chief analyst at China Southern Fund, explains why.
"The financial losses announced by Sinopec and PetroChina are calculated based on the present high international crude oil price. In fact, the oil in stock has been bought at a relatively low price in the past. Therefore, privately owned gas stations have reduced their prices based on volume, which is a common sales promotion method."
In addition, some refining and chemical comp
