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China's NDRC cuts prices for fuel by about 3.5%, hoping to ease costs for consumers and lower...

China's NDRC cuts prices for fuel by about 3.5%, hoping to ease costs for consumers and lower (reported) inflation. The news won't be welcome at the country's beleaguered refiners who had hoped to take advantage of falling world oil prices by finally producing product at a profit. Sinopec (SHI) -31% YTD.
Comments (6)
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Ah. The marvels of a free market economy.
    8 Oct 2011, 07:42 PM Reply Like
  • machiavelli
    , contributor
    Comments (414) | Send Message
     
    Chinese pay $4US/gallon for a country with a fraction of the GDP per capita of USA. I don't see how their refineries could be losing money and demand there is rising despite the inflated price. I don't see how this tweak to fuel prices will ease consumer costs when they are already getting shafted. People in the US whine far too much about fuel prices when they have the lowest gasoline prices of any modern country.
    8 Oct 2011, 08:08 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    M,
    Interesting. What is your source for the Chinese equivalent of $4/gallon in China?
    8 Oct 2011, 09:51 PM Reply Like
  • machiavelli
    , contributor
    Comments (414) | Send Message
     
    UI, it is commonly available data on this thing called the internet.
    9 Oct 2011, 07:02 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    Maybe so, but why not just post the source.
    9 Oct 2011, 07:39 PM Reply Like
  • machiavelli
    , contributor
    Comments (414) | Send Message
     
    http://bit.ly/pcNPS5/
    10 Oct 2011, 05:10 PM Reply Like
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