Chinese energy firms got good news yesterday when China hiked the price they’re allowed to...

|By:, SA News Editor

Chinese energy firms got good news yesterday when China hiked the price they’re allowed to charge for gasoline to account for a rise in the price of oil. The move means the companies, especially Sinopec (SNP), should continue to see profitable profit margins on gas refining, Citigroup says. The news isn’t helping China’s U.S.-traded energy stocks: SNP -0.1%, CEO -0.1%, PTR -0.5%.