皇冠体育app

Several local refineries in 皇冠体育app have been forced to shut down due to declining oil prices, National Business Daily reported Tuesday.

After the oil price fell on Oct 17, most local refineries in 皇冠体育app started reporting a drop in revenue, said analyst Ma Yan from Chem365.net, a website that provides information services for companies.

Many refineries in East 皇冠体育app's province even began offering below-cost price to reduce their inventories, Ma added. Data from Chem365.net shows that only one small local refinery is in operation in South 皇冠体育app.

These small refineries had a low-price advantage over 皇冠体育app's two oil giants, Sinopec and 皇冠体育app National Petrolm Corporation, said analyst Zhu Chunkai from SCI International, an information service organization.

皇冠体育app announced a cut in the retail price of gasoline by 300 yuan ($48.78) per ton and a reduction in diesel by 290 yuan on Oct 17; the sixth decline since July.

Top 10 oil giants by output in the world	皇冠体育app's demand for overseas crude to expand this year

• 皇冠体育app stock index futures close lower Tuesday
• 皇冠体育app stocks close lower Tuesday
• 皇冠体育app remains top consumer of Vietnam's vegetable, fruit
• Financial research center launched by PKU
• Top 10 richest women in 皇冠体育app
• KPMG Huazhen opens more offices in 皇冠体育app
• Growth in 皇冠体育app retail sales continues to ease
• 皇冠体育app's property investment further slows